Ethereum Drops Before Big Week

Plus, Pfizer releases positive data.

September 16, 2024

In partnership with

Today is Monday, September 16, 2024.

The Early Bird Index today is 70.81.

New to this newsletter? Sign up here

Ethereum Drops Before Big Week

The price of Ethereum fell about 6% on Sunday, ahead of a big week for cryptocurrency.

Details: This decline comes after Ethereum’s RSI (Relative Strength Index) recently crossed into overbought territory, typically preceding a period of correction or consolidation.

Price: Ethereum is now down 11% in the last 30 days. This price is about flat for 2024. By contrast, Bitcoin is up 32% this year.

Bigger Picture: One report from U.Today indicated that the ETH/BTC ratio has fallen below the 0.04 BTC level for the first time in three and a half years. This decline in Ethereum's value relative to Bitcoin may contribute to negative sentiment around ETH.

Background: The crypto market is experiencing general bearish sentiment ahead of Wednesday's upcoming FOMC (Federal Open Market Committee) meeting. The upcoming interest rate and economic projections decision could significantly impact the crypto market.

Early Bird’s Nest Egg Gains: The Federal Reserve's interest rate decision could alter Ethereum's price.

  • Higher interest rates tend to reduce investors' appetite for riskier assets like cryptocurrencies. Thus, a lower rate is considered good for Ethereum.

  • The Fed's rate decisions signal their view on the economy. Lower rates may suggest economic weakness. This impacts overall market sentiment, including crypto markets.

Final Thoughts: Despite the recent price decline, Ethereum continues to see a lot of activity.

The Daily Newsletter for Intellectually Curious Readers

If you're frustrated by one-sided reporting, our 5-minute newsletter is the missing piece. We sift through 100+ sources to bring you comprehensive, unbiased news—free from political agendas. Stay informed with factual coverage on the topics that matter.

Notables

Notable Earnings Today: Hightide (Nasdaq: HITI), Immunoprecise Antibodies (Nasdaq: IPA), RF Industries (Nasdaq: RFIL), Vince Holding (NYSE: VNCE).

Notable IPOs Today: AA Mission Acquisition Corp. (NYSE: AAM), DT Cloud Star Acquisition Corporation Ordinary Shares (Nasdaq: DTSQ), Kairos Pharma, Ltd. (NYSE American: KAPA), Healthy Choice Wellness Corp. (NYSE American: HCWC), Flewber Global Inc. (NYSE American: FLAI), Impact BioMedical, Inc. (NYSE American: IBO).

Notable Equity Crowdfunding Campaigns Ending Today: b0arding.com (StartEngine), Candlelite Chicago (StartEngine).

Notable Economic Events Today: NY Empire State Manufacturing Index (8:30 a.m. ET).

Pfizer Releases Positive Data

Over the weekend, Pfizer (NYSE: PFE) announced that a Phase 2 trial for their new drug, ponsegromab, showed positive results. 

Details: This drug is an antibody that targets a protein linked to a type of cancer. The positive results from the trial will be shared in a top medical journal.

Stock Price: Pfizer’s stock is down 1.55% this year, but up 1.95% in the last 30 days.

Final Thoughts: Keep an eye on Pfizer’s stock price today to see if it reacts to these positive study results.

Cardano Drops on Sunday

The price of Cardano fell 6% on Sunday, following broader patterns in the crypto market.

Final Thoughts: Cardano is down 46% this year.

Tough Times for Boeing: Boeing Machinist Strike Adds Cash Crunch to New CEO’s Rescue Mission (Wall Street Journal)

Thank you for reading!

Forward to a friend and tell them to sign up here.

Pick winning stocks: Upgrade to Early Bird Prime

Want more investing tips? Listen to the podcast.

Show Your Support: Buy Me a Coffee.

Questions or comments? Hit reply to reach out.

The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.