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      ETH-USDT: Test 1700 Resistance, Wary of Retracements

      Cryptocurrency
      Summary:

      Strong US non-farm payrolls, January CPI, and retail sales in January could be a stumbling block for Ether.

      Sell ETH-USDT
      End Time
      CLOSED

      1695.00

      ENTRY

      1665.00

      TGT

      1721.00

      SL

      1876.11 +34.06 +1.84%

      2600

      Points

      Loss

      1665.00

      TGT

      1721.10

      CLOSING

      1695.00

      ENTRY

      1721.00

      SL

      Fundamentals

      On Thursday night, U.S. retail sales recorded a 3% increase in January, well ahead of the 1.1% decline in the previous month. The near two-year largest gain underscores strong consumer demand for goods, further fueling market concerns about higher interest rates.
      The strong U.S. non-farm payrolls report for January, U.S. CPI for January, retail sales, and other data were released. Overall, these data show that the slowdown in inflation since last year is being challenged, showing a hot job market and consumer market as well as sticky inflation, which may give the Fed more confidence to continue raising interest rates during the year.

      Technical Analysis

      In the daily chart, yesterday a large bull candle was recorded, and the price effectively broke through the previous day's highs. The candlestick pattern continues to be bullish. And both the fast and slow EMAs of the MACD show signs of a sticky golden cross. Two trading days of gains are basically stopping the downtrend. For now, it is recommended to keep an eye on it, as there are still non-farm payroll data to follow.ETH-USDT: Test 1700 Resistance, Wary of Retracements_1
      In the 1-hour chart, during the previous day, the price rose in the European session and broke the highs in the U.S. session. The second pull-up of the price in the early morning continues in the morning. Retracement signs appear when the price comes near the previous high, and the MACD indicator forms a death cross, requiring consideration of the risk of retracement. In the short term, go short after the price rallies to near 1700, with a stop loss set near 1720 and a take profit in the 1680-1660 range. Go long near 1660 below, with a stop loss set near 1635 and a take profit in the 1700-1710 range.ETH-USDT: Test 1700 Resistance, Wary of Retracements_2

      Trading Recommendations

      Trading direction: Short
      Entry price: 1695
      Target price: 1665
      Stop loss: 1721
      Support: 1660/1600
      Resistance: 1700/1720
      Risk Warnings and Investment Disclaimers
      You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or strategy, or any other product is suitable for you based on your investment objectives and financial situation.

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      Damon

      Analyst

      I worked as an analyst at a well-known forex brokerage firm and have been engaged in the financial industry for 10 years, involving forex, futures and stocks. I'm especially good at analyzing and interpreting the market using fundamental data.

      Rank

      10

      Articless

      122

      Win Rate

      46.74%

      P/L Ratio

      0.92

      Focus on

      ETH-USDT, BTC-USDT, XAUUSD

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