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🏦 Fed Cut Could Hurt Bitcoin 

Word On The Street: A long-anticipated interest rate cut by the US Federal Reserve could send Bitcoin's price lower, contrary to investors' expectations.

The details:

• In a note dated Sept. 2, Bitfinex analysts predicted a 15-20% drop in Bitcoin's value if the Fed cuts rates this month.

• “We anticipate a potential bottom around $40,000 to $50,000 for BTC,” the analysts stated.

• However, they noted, “This outlook could quickly change if macroeconomic conditions shift.”

Why it matters: The Fed's interest rate decision is scheduled for Sept. 18, and market sentiment leans toward optimism following dovish remarks from Fed Chair Jerome Powell in August, suggesting “the time has come” for a rate reduction.

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Other News

Celestia unveils roadmap to 1-gigabyte blocks. The roadmap comes amid fierce competition in data availability among rivals such as EigenDA and Avail.

Trump to Embrace ‘Industries of the Future’ Including Crypto, AI. If elected, the former U.S. president has said he will install Elon Musk as head of a new government efficiency commission.

Pro-XRP attorney John Deaton wins Republican US Senate primary. The pro-crypto lawyer secured victory in the Massachusetts Republican primary race and will now face off against industry antagonist Elizabeth Warren in November.

Bitcoin Flounders Ahead of Friday Jobs Report That Might Push Fed to Slash Rates by 50 Basis Points. The U.S. central bank has indicated it will begin cutting the fed funds rate at its mid-September meeting, but the size and speed of the easing cycle is up for debate.

Traders Corner (Premium)

Welcome, Traders!

Traders Corner is the premium section of The Blockstreet Journal. We provide one free report out of appreciation ❤️ 

Reports from our analysts today:

• Ethereum Technical Analysis (Free)

• PEPE Technical Analysis (Paid)

• Shiba Inu Technical Analysis (Paid)

TRADERS CORNER
👾 Ethereum Technical Analysis

Ethereum is $2,453, which is below the VWAP of $2,457.76. This suggests that the price is facing downward pressure, with sellers dominating in the short term. The price is also moving close to the lower Bollinger Band, signaling a potential oversold condition or ongoing downward trend.

Trend Analysis: 

The recent price action reflects a sharp decline after a period of consolidation. Ethereum has fallen sharply over the past few hours, pushing below key support levels, and the Bollinger Bands are expanding, which typically indicates increased volatility. The downward momentum is strong as the price continues to move lower, without a clear sign of immediate recovery.

Support and Resistance:

- Support: The $2,317.63 level (as shown by the lower Bollinger Band) offers immediate support. A break below this could open the door to further downside toward $2,300, a psychological support level.

- Resistance: The first resistance is around the VWAP level at $2,457.76, with the upper Bollinger Band near $2,418 providing another hurdle for the price to overcome. For any bullish recovery, it must break above these levels.

Scenarios:

- Bullish: If the price manages to stabilize at the current support levels and bounce back above $2,457, a potential rally toward $2,480 could be seen, with the upper Bollinger Band providing further resistance. A break above $2,480 would signal a more sustained bullish move.

- Bearish: If the price fails to hold above $2,317 and breaks lower, the next support zone would be around $2,300. A continued move lower could accelerate bearish momentum, potentially targeting the next significant support at $2,280.

This sharp downward move suggests caution for traders, with the potential for further downside unless a strong reversal occurs. Buyers would need to step in to push the price back above the VWAP to regain control.

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