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Daily Flash | Global FX markets are tanking as inflation spreads through the world, and what’s happening with Ethereum Shanghai upgrade?
Daily Flash | Global FX markets are tanking as inflation spreads through the world, and what’s happening with Ethereum Shanghai upgrade?
01 January 08:00
Fundamental & Technical Outlook
Macro
Last week, stocks and bonds crumbled after the United States and half a dozen other countries raised rates and projected pain ahead. Going forward, Japan might shift from its ultra-loose monetary policy as the yen fell to a 20yr low. Britain's economic management might see some drastic changes as implied by the pound’s all-time low as investors lose confidence in the pound.
Oil and gold steadied after drops against the rising dollar. Gold hit a more-than two-year low on Friday and bought $1,643 an ounce on Monday. Brent crude futures rose 71 cents to $86.86 a barrel.
Traditional market indices such as the Dow Jones Industrial Average (DJIA), S&P 500 (SPX), and tech-heavy Nasdaq composite plunged -4%, -4.6%, and -5.2% since Wednesday’s U.S. rate hike.
In a seven-day period, BTC and ETH were down -7.25% and -14.6%, respectively. The fear and greed index is at 21, indicating a prevailing bearish sentiment in the cryptocurrency markets.
Bitcoin was trading at $18,798 (-0.59%) on Sunday, while Ether was trading at $1,295 (-1.5%). The price of ETH suffered a 20% decline since the widely anticipated and successful Ethereum Merge.
Since the Merge, Ether’s supply has increased by 5,400 post-Merge (versus 105k ETH if not for the upgrade), so while the Merge did not become deflationary, it has slowed ETH’s inflation rate considerably.
🟠 BTC
Daily Timeframe
As of this writing, BTC was changing hands at $18,826 (-0.72%) over 24hr period.
On Sunday, BTC has broken below the weekly support zone. The current daily support range for BTC is divided by the open, high, low, and close price of the Sep. 07 daily candle.
A break below the low ($18,532) of the Sep. 07 candle would likely sink the crypto fear and greed index a couple of points which puts bears at an advantage. On the contrary, a break and close above the close price ($19,290) of Sep. 07 would bring about a short-term relief for the bulls.
BTC just broke below a weekly support zone implying some struggles ahead.
Read Full version: BTC Weekly Outlook
🔵 ETH
As of this writing, ETH was trading at $1,297 (-1.8%) in a 24hr period.
The price of ETH has fallen 20% since the Merge. Fortunately, the uptick on Sept. 22 has created some buffer for ETH bulls as ETH continues to trade within the lower range in the current support zone.
A break above the 61.8% ($1,330) Fibonacci retracement level measured from Jul. 2 - Aug. 13 would be a positive sign for the bulls, whereas a break below the 127.2% ($1,264) Fibonacci extension level would mark a victory for the bears as ETH enters into a new weekly support zone.
On Sunday, BTC has broken below the weekly support zone. The current daily support range for BTC is divided by the open, high, low, and close price of the Sep. 07 daily candle.
A break below the low ($18,532) of the Sep. 07 candle would likely sink the crypto fear and greed index a couple of points which puts bears at an advantage. On the contrary, a break and close above the close price ($19,290) of Sep. 07 would bring about a short-term relief for the bulls.
Weekly Timeframe
BTC just broke below a weekly support zone implying some struggles ahead.
Read Full version: BTC Weekly Outlook
🔵 ETH
Daily Timeframe
As of this writing, ETH was trading at $1,297 (-1.8%) in a 24hr period.
The price of ETH has fallen 20% since the Merge. Fortunately, the uptick on Sept. 22 has created some buffer for ETH bulls as ETH continues to trade within the lower range in the current support zone.
A break above the 61.8% ($1,330) Fibonacci retracement level measured from Jul. 2 - Aug. 13 would be a positive sign for the bulls, whereas a break below the 127.2% ($1,264) Fibonacci extension level would mark a victory for the bears as ETH enters into a new weekly support zone.
Weekly Timeframe
Below the weekly trendline, a support zone can be derived by using the Fibonacci extension tool, which generates three Fibonacci extension levels (127.2%, 141.4%, & 161.8%) measured from the plunge between Aug. 15 - Aug. 22, which coincide with the opening and close of the weekly candle on Jul. 4.
Read more: Weekly Market
📌 The topic of the Day: Will Ethereum Shanghai upgrade include withdrawal feature?
According to the Ethereum website, Shanghai was initially slated for release in six to twelve months. But his estimate was quietly scrubbed to leave no deadline.
Nonetheless, the Shanghai upgrade will focus on reducing gas fees. Based on ongoing developer discussions, there is no definitive plan on how to achieve this goal yet. Among the objectives for Shanghai was the inclusion of staking withdrawals.
But Ethereum developer Micah Zolt told CryptoSlate that there is no agreed-upon timeline for withdrawals to be activated at present.
“Many people are shooting for Shanghai, but the core devs haven’t yet discussed what will actually be included…”
Since then, another member of the Ethereum Core Devs Coordinator Trenton Van Epps has been in touch with Cryptoslate and said that a feature list is being worked on. Further, no single individual or team determines the features list.
“Ethereum protocol governance isn’t predicated on the opinions or statements from any single individual or team – we use rough consensus to decide features to include in future upgrades.”
🗒 Happenings of The Week (Sep. 24 - 26)
🔹 Ethereum's Vitalik Buterin 'Very Hopeful' Dogecoin Moves to Proof of Stake
🔹 CFTC Sues a DAO, Raising Legal Questions for DeFi Founders and Users
- U.S. Department of Defense taps intelligence firm to evaluate crypto threat to national security
- California Governor Newsom rejects crypto license bill
🔹 South Korea says Interpol has issued a red notice for Do Kwon
🔹 Compute North's CFO details the firm's collapse amid first-day filings
🔹 Disney hiring transaction lawyer for 'aggressive' NFT and DeFi plans
Author: Gate.io Researcher Peter L.
This article represents only the researcher's views and does not constitute any investment advice.
Gate.io reserves all rights to this article. Reposting the article will be permitted provided Gate.io is referenced.
In all other cases, legal action will be taken due to copyright infringement.
BTC/USDT
+ 0.13%
ETH/USDT
-0.69%
GT/USDT
-0.23%
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