The release
Released by the Bureau of Economic Analysis on 27 November 2024 at 10:00 AM EST. The Personal Consumption Expenditures came in at 0.3% for October 2024, against 0.2% in September 2024. Prices are rising faster than before.
It arrived at the same moment as Personal Income and Outlays and Core Personal Consumption Expenditures, so the reaction measured on this page belongs to all of them together.
Measured by Clometrix
Ethereum's volatility ratio was 0.98x, against 1.80x for a typical PCE release since 2021. Its volume ratio was 1.64x, against a typical 2.15x. Under 1.5x is not a reaction at all: the market barely noticed this release. Both compare the quarter hour of the release with an ordinary quarter hour that same day, where 1.00x is no change: volatility is how far the price ranged, volume how much traded.
How Ethereum moved
Ethereum was at $3,520.51 when the figure came out. Fifteen minutes later it was 0.44% higher, and an hour later 0.92% higher. Its high-to-low range in the hour after was 1.58% of its price, against 1.72% in the hour before.
What made it matter
Since 2021, PCE releases in the two weeks before a Fed decision have moved Ethereum about as much as those at other times: a median volatility ratio of 1.86x across 18, against 1.77x across 51. This one was not within two weeks of a Fed decision. Its own ratio of 0.98x compares with 1.77x for those, so it moved the price less than its circumstances would suggest.
What it means
Ethereum showed little reaction to the October PCE print and the accompanying income and outlays data. Its volatility ratio reached only 0.98x in the quarter hour after the release, well below the 1.80x median recorded for PCE since 2021. Volume rose to 1.64x, also short of the 2.15x typical level. The price advanced 0.44 percent in the first fifteen minutes and 0.92 percent within the hour, while the high-low range narrowed slightly to 1.58 percent from 1.72 percent beforehand.
The release arrived outside the two-week window before a Federal Reserve decision, a period when PCE has historically produced a median volatility ratio of 1.86x for Ethereum. This instance fell to 0.98x against the 1.77x median observed for releases at other times, marking a quieter outcome than the surrounding circumstances would have suggested.
Clometrix classifies the episode as quiet for this event as the combined arrival of Personal Income, Outlays and Core PCE did not alter the limited response. Traders watching the next PCE release may note that even a modest upside surprise produced no measurable volatility lift when the calendar distance from policy decisions remained wide.
How it compares
Across 69 PCE releases since 2021, Ethereum's usual price swing is 1.80x. This one was 0.54 times the usual.
Thin line: PCE's usual, 1.80x. Thick line: this release, 0.98x. Under 1.5x counts as no reaction at all.
Minute by minute
Each row is the time after the release, with the same length of time before it for comparison.
| After | High | Low | Close | Change | Range | Range before | Volume |
|---|---|---|---|---|---|---|---|
| 1 minute | 3522.71 | 3518.14 | 3518.15 | -0.07% | 0.13% | 0.18% | 427 ETH |
| 5 minutes | 3524.00 | 3517.60 | 3520.51 | 0.00% | 0.18% | 0.24% | 2,116 ETH |
| 10 minutes | 3532.44 | 3517.60 | 3526.00 | 0.16% | 0.42% | 0.42% | 5,437 ETH |
| 15 minutes | 3536.38 | 3517.60 | 3535.90 | 0.44% | 0.53% | 0.52% | 10,018 ETH |
| 30 minutes | 3543.33 | 3517.60 | 3542.23 | 0.61% | 0.73% | 1.33% | 23,828 ETH |
| 1 hour | 3573.17 | 3517.60 | 3552.79 | 0.91% | 1.56% | 1.72% | 66,339 ETH |
| 2 hours | 3574.89 | 3517.60 | 3557.89 | 1.05% | 1.60% | 1.72% | 108,084 ETH |
| 4 hours | 3593.73 | 3517.60 | 3586.19 | 1.83% | 2.12% | 2.66% | 160,054 ETH |
| 6 hours | 3630.00 | 3517.60 | 3623.99 | 2.86% | 3.10% | 3.58% | 230,531 ETH |
| 8 hours | 3593.73 | 3434.83 | 3586.19 | 3.64% | 4.42% | 3.89% | 303,299 ETH |
| 12 hours | 3684.92 | 3517.60 | 3621.49 | 2.79% | 4.54% | 5.07% | 387,789 ETH |
Every coin at this release
| Coin | Price swing | Usual for PCE | Reaction |
|---|---|---|---|
| Bitcoin | 1.26x | 2.06x | Quiet |
| Ethereum | 0.98x | 1.79x | Quiet |
| XRP | 0.95x | 1.70x | Quiet |
| BNB | 0.93x | 1.78x | Quiet |
| Solana | 1.06x | 1.58x | Quiet |
| Dogecoin | 1.02x | 1.51x | Quiet |
| TRON | 1.00x | 1.42x | Quiet |
| Cardano | 1.43x | 1.88x | Quiet |
| Chainlink | 1.31x | 1.61x | Quiet |
| Sui | 1.33x | 1.52x | Quiet |
| Bitcoin Cash | 1.09x | 1.67x | Quiet |
| Hedera | 1.56x | 1.48x | Ordinary |
| Avalanche | 1.71x | 1.55x | Ordinary |
| Litecoin | 0.67x | 1.64x | Quiet |
| Gram | 1.27x | 1.29x | Quiet |
| Shiba Inu | 1.05x | 1.74x | Quiet |
| Uniswap | 3.04x | 1.48x | Exceptional |
| Polkadot | 0.88x | 1.49x | Quiet |
| Aave | 1.62x | 1.57x | Ordinary |
| Bittensor | 0.99x | 1.68x | Quiet |
| NEAR Protocol | 0.87x | 1.37x | Quiet |
| Aptos | 0.75x | 1.70x | Quiet |
| Internet Computer | 0.73x | 1.50x | Quiet |
| POL (prev. MATIC) | 0.80x | 1.56x | Quiet |
| Filecoin | 0.99x | 1.50x | Quiet |
What is the Personal Consumption Expenditures?
Personal consumption expenditures (PCE) is a measure of the prices people in the United States pay for goods and services. PCE accounts for about two-thirds of domestic spending and is a significant driver of gross domestic product (GDP). An estimated total of personal consumption expenditures (PCE) is compiled by the Bureau of Economic Analysis as one way to measure and track changes in the prices of consumer goods over time.Questions about this page
Is 0.98x a lot?
No. Under 1.5x the market barely noticed the release.
Will the next PCE do the same?
Nobody can say. A forecast shows the range Ethereum moved in after past PCE releases, so you can plan for the likely size of the move.
Disclaimer
The data analysis, forecasted results and projections provided herein are based on historical price action and market trends. While every effort has been made to ensure the accuracy of the information, these predictions are speculative and should not be considered a guarantee of future performance. Market conditions can change rapidly, and past performance is not indicative of future results. Trading and investing involve significant risk, and you should conduct your own research and consult with a licensed financial advisor before making any investment decisions. We do not assume any liability for any losses that may result from reliance on this information.