Bitcoin has been falling since early Monday morning, falling as low as $58,420, a drop of about 3%, recovering most of the weekend's gains. Once again I drew the "arch" that appears frequently in September.
At the same time, the performance of Ethereum was even more dismal. In addition to falling about 5% to below $2,300, the exchange rate of the ETH/BTC trading pair fell to a new low since April 2021.
Some on-chain data also show that the whale seem to be beginning to waver and continue to reduce their exposure to Ethereum.
On the other hand, this Wednesday will usher in the U.S. Federal Reserve’s interest rate decision. The market generally expects that the Federal Reserve will start a rate cut cycle at this meeting, but the market is still uncertain about the extent of the reduction. According to Fed Watch data, currently The market expects a 59% chance of a two-digit interest rate cut.
