Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD) – Bitcoin, Ethereum, Dogecoin Flat as Central Banks Remain Hawkish: Why This Trader Says Beware of ETH Bounce

EthereumThe profits were higher than Bitcoin‘s, though the two coins were largely flat Thursday night, with the global cryptocurrency market cap rising 0.7% to $983.3 billion at 8:20 p.m. EDT.

See also: Best Crypto Debit Card

Why it matters: Major coins were largely muted, in line with other risk assets. Equity futures traded flat at the time of writing.

On Thursday was The European Central Bank raised interest rates by 75 basis points as expected and revised inflation forecasts to an average of 8.1% in 2022.

Same day, USA Federal Reserve Chair Jerome Powell strongly warned against loosening monetary policy too soon The Cato Institutea libertarian think tank, CNBC reported.

“I can assure you that my colleagues and I are strongly committed to this project and we will continue to do so until the job is done,” he said.

The Fed’s next policy meeting is scheduled for 20-21. September.

“Bitcoin gives back some of yesterday’s gains as risk assets fall after a double dose of hawkishness from Fed Chair Powell and ECB President Lagarde,” said OANDA senior market analyst Edward Moyain a note seen by Benzinga.

“Bitcoin is trying to stabilize above the $19,000 level, but it will be difficult given consistent messages to take rates above the terminal rate needed by the major central banks.”

Michael van de Poppe tweeted Bitcoin “going so far so good” but needs continuation above the $19,500 mark.

#Bitcoin going so far so good but needs continuation over $19.5K.

Then it’s party time.

Today could be important when Lagarde and Powell talk. pic.twitter.com/zZbIjhnoeu

— Michaël van de Poppe (@CryptoMichNL) 8 September 2022

Justin Bennett said earlier Thursday that he would exercise caution against Ethereum as “volume is on the way, and there is nothing structurally positive about markets like Ethereum.”

I would be very careful with this bounce.

Volume is falling and there is nothing structurally bullish about markets that $ETH.#Ethereum pic.twitter.com/zUAc6FE7zp

— Justin Bennett (@JustinBennettFX) 8 September 2022

Glass node said on Twitter that Ethereum’s speculative action continues with over $6.12 billion in outstanding call options open interest.

The put options stand at $1.5 billion, giving a Put/Call ratio of 0.25, according to the chain’s research firm.

#Ethereum The speculative action continues, with over $6.12B in call options open interest outstanding.

Put options account for a much smaller $1.5B, giving a Put/Call ratio of 0.25.

This diagram is now available as a new Workbench Pre-set: pic.twitter.com/Hm8ZOhGkdg

— glassnode (@glassnode) 8 September 2022

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