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Overview
The Labor Department announced on Friday (7/04) that the jobless rate dropped to 3.5 percent in March, down from 3.6 percent in February. Meanwhile, the most recent Job Openings and Labor Turnover Survey (JOLTS) data revealed a significant slowdown in the US labor market. The number of job opportunities fell to 9.9 million in February, down from 10.6 million on the last day of January, for the first time in nearly two years.
We can see that employment could be a trailing signal and is frequently the previous economic data point to fall before the onset of a recession.
Brent and WTI rose more than 6% in response to the decision made by Saudi Arabia and other OPEC+ members. They stated that production cuts totaling approximately 1.16 million daily barrels would be made starting in May 2023.
Ethereum (ETH) price hit $1,900 on Wednesday (5/04). How the Shanghai upgrade affects ETH price remains uncertain, with some observers expecting selling pressure but others expecting a surge amid fresh interest in the Ethereum platform.
Some experts state that the Shanghai upgrade has created a timeline for validators to withdraw their locked-up ETH holdings, and more investors will prefer to stake ETH rather than keep their assets idle.
Bitcoin Price Analysis
The current behavior of Bitcoin's price movement has been limited to a narrower range, with its value hovering around the upper mid-level. This range-bound trading suggests a degree of stability, but also indicates a lack of significant momentum in either direction. Despite this, sellers have been unable to push the price below the mid-level, which is a positive sign for buyers.
However, the extended period of consolidation also suggests that Bitcoin's price may soon experience a breakout. This could occur as a result of a significant market event, such as the release of new financial data or a major announcement from a large institution
Ethereum Price Analysis
Ethereum (ETH) is experiencing an uptrend. In particular, it notes that ETH managed to break out from a range, successfully tested a key level at the range high, and is currently exhibiting greater strength than Bitcoin (BTC).
This suggests that ETH is currently performing well in the market. The successful breakout and testing of key levels indicate that the trend is likely to continue upwards, at least in the short term. Additionally, the fact that ETH is performing better than BTC suggests that investors may be showing greater interest in Ethereum.
Disclaimer
This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.
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