Trading time: US stocks will be closed next Monday, Bitcoin is blocked at $113,600, and Ethereum is at $4,317 as the nearest defense line

Federal Reserve Governor Christopher Waller supports a 25 basis point rate cut in September, with potential for further cuts if economic data shows weakness. The core PCE index is expected to show 2.9% year-on-year growth for July.
US stock markets will be closed on September 1st for Labor Day. In the AI sector, Cambricon's stock surged over 15% on August 28th, though it has since fallen, and the company issued a statement denying plans for new products. Nvidia reported strong Q2 earnings and guidance, with several major banks raising their price targets.
Bitcoin is trading around $111,000, testing key support between $107,000-$108,900. A break below could see a drop to $93,000-$95,000. Resistance is noted at $113,600. Analysts highlight that a weekly close above $109,000-$112,000 would strengthen the bullish trend.
Ethereum is facing a key defense level at $4,317; a break below could invalidate its current structure. Analysts note a bullish "expanded trumpet pattern" on its weekly chart with a long-term target of $10,000, but it must break through the $5,000 resistance to avoid a potential fallback to $3,500.
Solana's chart shows a rare "golden cross" pattern, historically preceding significant gains. It is trading around $217.78, with technical targets near $295-$300. Institutions plan to raise over $3 billion for a Solana fund.
The Pyth Network token doubled in price after being selected by the US Department of Commerce for on-chain economic data distribution. The related Wormhole ($W) token surged 40%.
Market data as of 12:00 HKT on August 29 shows Bitcoin at $111,568 and Ethereum at $4,485.44. The fear and greed index is neutral at 50. Global liquidations totaled $238 million in 24 hours.
Bitcoin ETFs saw a net inflow of $179 million, marking 4 consecutive days of inflows. Ethereum ETFs saw a net inflow of $39.16 million, marking 6 consecutive days.
Key events to watch include the US Core PCE Price Index release and the closure of US markets for Labor Day.

Daily market key data review and trend analysis, produced by PANews.

1. Market Observation

Federal Reserve Governor Christopher Waller once again called for a rate cut, saying he would support a 25 basis point cut in September and expecting further rate cuts within the next three to six months. He may support a larger rate cut if the non-farm payroll data indicates "significant weakness" in the US economy. In his speech to the Miami Economic Club, Waller mentioned that with core inflation approaching 2% and the labor market facing risks, the FOMC should lower the policy rate. With the release of the core PCE index tonight, economists expect PCE inflation to grow by 2.9% year-on-year in July, the highest level so far this year, with some economists even predicting that the growth rate may jump to 3%. In addition, it is worth noting that the US stock market will be closed for one day on September 1st for the US Labor Day .

In the AI sector, Cambricon 's stock price soared over 15% on August 28th, closing above Kweichow Moutai's 1,446.10 yuan . Although Cambricon's stock price fell today, it has risen over 110% since August. On the evening of the 28th, Cambricon issued an emergency announcement stating that it has no plans to release new products and that recent online information regarding the company's new products is misleading and false. Nvidia's second-quarter revenue of $46.7 billion exceeded market expectations of $46.2 billion, and its third-quarter revenue guidance of $54 billion also exceeded expectations. Several Wall Street investment banks, including Bank of America Securities, Morgan Stanley, Citigroup, and Goldman Sachs, maintained their buy ratings on Nvidia and raised their target price to a range of $210-235. They believe investors should ignore short-term uncertainties in the Chinese market and focus on the company's core growth strategy. After the release of its earnings report, Nvidia 's stock price briefly rose to within $0.01 of its all-time high, but ultimately fell.

In the Bitcoin market, currently trading at $111,000, it is testing the critical support range of $107,000 to $108,900. According to Glassnode data, if Bitcoin falls below this range, it could fall further to $93,000 to $95,000. With increasing pressure from short-term holders, $113,600 could become a resistance level for a rebound. Although Bitcoin's current retracement is approximately 11.4%, significantly lower than the 25% to 75% retracements of historical bear market cycles, there are no signs of widespread panic selling in the overall market. CryptoQuant analyst burakkesmeci noted that if Bitcoin closes above the $109,000 to $112,000 range this week, the upward trend is expected to strengthen. In the short term, $117,300 represents resistance, while $92,400 acts as support. Analyst Pentoshi has no clear preference for Bitcoin's future trajectory, believing that if the price fails to rise quickly, it could fall below last week's low and quickly drop to the $105,000 to $107,000 range. Murphy Market Observer noted that Bitcoin found support after hitting the short-term average cost of holdings at $108,000. This rebound may represent a price recovery after bottoming out, with short-term expectations potentially reaching near previous highs. However, a break above the key resistance level of $115,000 remains to be seen. Bitcoin Vector analysis suggests that the current price is attempting to break through $113,000, but has encountered resistance at $113,600. A break above this level would strengthen bullish expectations. Furthermore, Man of Bitcoin analysis suggests that Bitcoin needs to remain above $110,985 to continue its upward trend.

Regarding Ethereum, Man of Bitcoin stated that the price of ETH has reached the 100% Fibonacci extension level of wave c in wave-(2), and a small five-wave rising structure needs to be observed to confirm the price low. If the price falls below $4,317, the structure will be invalidated. Another analyst, Jelle, pointed out that the weekly chart of Ethereum shows an "expanded trumpet pattern" with a target price of $10,000, and the current key resistance level is $5,000. If it breaks through this level, it is expected to trigger the liquidation of about $5 billion in short positions, further driving the price up. However, if it fails to break through $5,000, it may fall back to $3,500 or the lower support level of $3,000. Technical analyst Jackis believes that ETH has broken through the 4.5-year institutional accumulation range and started a new structural expansion cycle. The bullish trend will remain strong in the next few years, but it may face volatility and pullback pressure in the short term. In addition, the prices of ETH and BTC remain highly correlated, and it is necessary to pay attention to the linkage performance of the two. Analysts believe that if ETH can continue to break through the 2021 historical high of US$4,880, it will confirm the continuation of the upward trend.

Regarding market dynamics, analyst Ran Neuner observed that the Solana price chart and Bitcoin price charts showed a rare "golden cross" pattern. Historically, similar patterns have driven SOL/USD price increases of over 1,000%. Currently, SOL is trading at approximately $217.78, with technical targets pointing to the $295-$300 range. Institutions such as Galaxy Digital and Jump Crypto plan to raise over $3 billion for the Solana Fund, further bolstering market demand. Furthermore, SOL has broken through its 50- and 200-week exponential moving averages, with technical indicators suggesting continued upward momentum. Meanwhile, the Pyth Network announced it had been selected by the US Department of Commerce for the verification and distribution of on-chain economic data. Following the announcement, the price of the Pyth-related token doubled within 24 hours, reaching a high of $0.25. Meanwhile, the closely related Wormhole token, W, surged 40%, reaching a high of $0.1053. Despite recent sluggish on-chain market conditions, projects within the Believe ecosystem are showing signs of recovery, with LAUNCHCOIN surging 53% within 24 hours. It is worth noting that the pre-market trading price of $ XPL on Hyperliquid and Binance was $1.06 and $0.79, respectively. The price on Hyperliquid was nearly 30% higher than that on Binance, possibly due to a large amount of funds going long on Hyperliquiquid. Among them, the whale "silentraven" manipulated the XPL price on the Hyperliquiquid platform to make a profit of $38.77 million, and still went long with 1x leverage, with a total position of $31 million.

2. Key Data (as of 12:00 HKT, August 29)

(Data sources: Coinglass, Upbit, Coingecko, SoSoValue, Tomars)

Bitcoin : $111,568 (+19.8% YTD), daily spot volume $34.188 billion
Ethereum : $4,485.44 (+34.05% YTD), with a daily spot trading volume of $28.49 billion
Fear of corruption index : 50 (neutral)
Average gas : BTC: 1 sat/vB, ETH: 0.22 Gwei
Market share : BTC 58.18%, ETH 14.19%
Upbit 24-hour trading volume rankings : PYTH, CRO, SOL, XRP, TREE
24-hour BTC long-short ratio : 49.17%/50.83%
Sector gainers and losers : PayFi fell 2.89%, RWA fell 1.67%
24-hour liquidation data : A total of 90,871 people were liquidated worldwide, with a total liquidation amount of US$238 million, including BTC liquidation of US$67.3982 million, ETH liquidation of US$97.20 million, and SOL liquidation of US$19.4186 million.
BTC medium- and long-term trend channel : upper channel line ($114,815.70), lower channel line ($112,542.12)
ETH medium- and long-term trend channel : upper line of the channel ($4514.96), lower line ($4425.56)

*Note: When the price is higher than the upper and lower edges, it is a medium- to long-term bullish trend; otherwise, it is a bearish trend. When the price is within the range or repeatedly passes through the cost range in the short term, it is in a bottoming or topping state.

3. ETF flows (as of August 28)

Bitcoin ETF: +$179 million, 4 consecutive days of net inflows
Ethereum ETF: +$39.1636 million, 6 consecutive days of net inflow

4. Today's Outlook

Binance Alpha will list CeluvPlay (CELB) and Dexlab (XLAB) on August 29th.
The U.S. stock market will be closed for one day on September 1st for Labor Day.
US Core PCE Price Index Annual Rate in July: Previous value: 2.80%, forecast: 2.90% (August 29, 20:30)
Final value of the University of Michigan Consumer Confidence Index for August: previous value 58.6, forecast value 58.6 (August 29, 22:30)

The biggest gains in the top 100 by market capitalization today: Pyth Network up 93.8%, Conflux up 8.4%, Four up 6.1%, Pump.fun up 6.1%, and Ethena up 5.7%.