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What Does the Weekly Economic Calendar Tell Us?
Date Time Change Case Expectation
Data announced last month
23 February – 3 March 2024 ETH ETHDenver activity
28 February 2024 16:30 USD Gross Domestic Product (GDP) (quarterly) (4th Quarter) 3,3% 4,9%
29 February 2024 10:00 TRY Gross Domestic Product (GDP) (Annual) (4th Quarter) 5,9%
1 March 2024 13:00 EUR Gross Domestic Product (GDP) (Annual) (4th Quarter) 2,5% 2,8%

 

-FOMC Minutes Suggest Fed Won’t Rush Rate Cuts

According to the FOMC meeting minutes released last week, Fed officials indicated that they are not considering rushing to lower interest rates and are adopting a balanced approach regarding inflation. Participants highlighted the risks of easing policy too quickly and emphasized the importance of carefully evaluating incoming data to determine whether inflation is sustainably reaching 2%. Following the minutes, while expectations of the Fed keeping interest rates unchanged in March remained unchanged, the likelihood of a rate cut in May decreased to 29%, and in June to 70%.

 

-ETHDenver Week

This week we are in the ETHDenver event week happening in Denver, Colorado. This event is a hackathon and conference focusing on Ethereum and blockchain technologies. It brings together the Ethereum community to develop new ideas, build projects, and share knowledge. It aims to contribute to the development of the Ethereum ecosystem. It’s more like a festival atmosphere event. In previous years, such major Ethereum events and developments have led to short-term price increases in Ethereum. We will see their effects this year.

-Ethereum (ETH) Reaches $3,000 for the First Time Since 2022

Ethereum’s rise above $3,000 is attributed to various factors such as the Constantinople upgrade giving it an edge over Bitcoin and the excitement surrounding a potential spot ETF. It is suggested that Ethereum’s significant market movers combined with the potential excitement around a spot ETF could signal a parabolic rally in the coming months. Ethereum may also sustain the momentum from the expected Bitcoin halving in April. Historical price movements suggest that halving could trigger a bull run not only for BTC but also for altcoins.

-Solana-Based NFTs Set Volume Record

Solana-based NFTs have reached a significant value, surpassing $5 billion in total sales volume, marking an important milestone. Just a few months ago, the Solana blockchain struggled to gain visibility in the NFT industry; however, this increase indicates a reversal in Solana’s status. As of February 23rd, Solana-based NFTs have sold a total of $5 billion, indicating that Layer-1 blockchains are becoming increasingly popular in the NFT market.

BTC:

If we evaluate Bitcoin with the ITB analyses available on our EgeMoney website;

 

 

We can see that the percentage of investors in profit is 92%. Last week, this percentage was 93%, so the decrease to 92% may indicate the start of profit-taking. Additionally, we also observe a decrease in the volume of whales in this table. Last week, transactions over $100,000 were 115.11 billion, while this week we see it as 95.25 billion. The signals also indicate that a correction may be imminent

 

 

ETH:

This week, there may be positive effects on Ethereum due to the Dencun upgrade and the ETHDenver event. According to the Elliott Wave Theory, we see a positive outlook for Ethereum in the short term, also known as the minor term. The Elliott Wave Theory also suggests positive expectations for the medium and long term. However, considering the risk/reward ratio, which should ideally be between 1 and 8 for entering trades, it is more suitable to trade in the minor term. This is because the risk/reward ratio is only between 1 and 8 in the minor term. For intermediate and primary terms, the risk/reward ratio is less than 1, indicating that more favorable results can be achieved in the minor term.

 

 

“The investment information and opinions contained in this research report are not intended as investment advice.”

Araştırma Uzmanı at EgeMoney

Uzmanlık alanlarım arasında temel ve teknik analiz, portföy yönetimi, risk analizi ve pazar araştırması bulunmaktadır. Hızla değişen piyasa koşullarına uyum sağlama ve rapor üretme benim önceliklerim arasındadır. Finansal geleceğinizi şekillendirmek ve karar alma süreçlerinize değer katmak amacıyla araştırmalarımı EgeMoney platformu üzerinden sizlere sunuyorum.