Measured by Clometrix
Ethereum's volatility ratio was 4.14x, against 1.77x for a typical PCE release since 2021. Its volume ratio was 6.41x, against a typical 2.11x. That is more than twice what this release usually does. 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 $2,520.40 when the figure came out. Fifteen minutes later it was 0.33% higher, and an hour later 0.21% higher. Its high-to-low range in the hour after was 1.34% of its price, against 0.73% in the hour before.
The release
Released by the Bureau of Economic Analysis on 30 August 2024 at 8:30 AM EDT. The Personal Consumption Expenditures came in at 0.2% for July 2024, against 0.1% in June 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.
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 1.72x across 52. This one was not within two weeks of a Fed decision. Its own ratio of 4.14x compares with 1.72x for those, so it moved the price more than its circumstances alone would suggest.
Its record
Across 70 PCE releases since 2021, Ethereum's median volatility ratio is 1.79x.
What it means
Ethereum posted an exceptional reaction to the August 30 PCE release, with volatility reaching 4.14 times the typical quarter-hour range compared with the 1.80 times median recorded across 69 prior PCE prints since 2021. Volume expanded to 6.41 times the baseline quarter-hour level against a 2.15 times norm, confirming the move exceeded twice the event's usual footprint.
Price stood at $2,520.40 at the 8:30 AM release. It rose 0.33 percent within fifteen minutes and 0.21 percent after one hour, while the hourly high-low range widened to 1.34 percent from 0.73 percent beforehand. The 0.2 percent July PCE reading arrived alongside Personal Income and Core PCE prints, so the measured response reflects the combined data.
Timing placed the release 18 days before the September 18 Federal Reserve decision, outside the two-week window where PCE has historically produced a 1.86 times median volatility ratio. The observed 4.14 times ratio therefore surpassed the 1.77 times median seen in the 51 releases farther from policy meetings.
Traders monitoring the next PCE print can note that an outsized reaction remains possible even without proximity to a policy decision, though the record supplies no forward magnitude.
How it compares
Across 69 PCE releases since 2021, Ethereum's usual price swing is 1.77x. This one was 2.34 times the usual.
Thin line: PCE's usual, 1.77x. Thick line: this release, 4.14x.
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 | 2552.17 | 2519.28 | 2533.00 | 0.50% | 1.29% | 0.07% | 4,332 ETH |
| 5 minutes | 2552.17 | 2519.28 | 2526.20 | 0.23% | 1.29% | 0.23% | 8,224 ETH |
| 10 minutes | 2552.17 | 2518.33 | 2526.00 | 0.22% | 1.33% | 0.32% | 9,287 ETH |
| 15 minutes | 2552.17 | 2518.33 | 2528.60 | 0.32% | 1.33% | 0.46% | 10,213 ETH |
| 30 minutes | 2552.17 | 2518.33 | 2524.20 | 0.15% | 1.33% | 0.61% | 12,150 ETH |
| 1 hour | 2552.17 | 2518.33 | 2525.69 | 0.21% | 1.33% | 0.73% | 15,601 ETH |
| 2 hours | 2552.17 | 2493.53 | 2508.20 | -0.49% | 2.30% | 0.73% | 38,932 ETH |
| 4 hours | 2552.17 | 2431.14 | 2449.45 | -2.90% | 4.74% | 0.83% | 126,249 ETH |
| 6 hours | 2552.17 | 2431.14 | 2527.82 | 0.29% | 4.74% | 1.03% | 180,127 ETH |
| 8 hours | 2552.17 | 2431.14 | 2449.45 | -3.03% | 4.74% | 1.25% | 147,166 ETH |
| 12 hours | 2552.17 | 2431.14 | 2529.00 | 0.34% | 4.74% | 1.25% | 254,059 ETH |
Every coin at this release
| Coin | Price swing | Usual for PCE | Reaction |
|---|---|---|---|
| Bitcoin | 2.80x | 2.03x | Strong |
| Ethereum | 4.14x | 1.77x | Exceptional |
| XRP | 1.70x | 1.81x | Ordinary |
| BNB | 1.82x | 1.75x | Ordinary |
| Solana | 1.82x | 1.57x | Ordinary |
| Dogecoin | 1.94x | 1.52x | Ordinary |
| TRON | 1.00x | 1.43x | Quiet |
| Cardano | 2.66x | 1.90x | Strong |
| Chainlink | 1.38x | 1.62x | Quiet |
| Sui | 1.91x | 1.53x | Ordinary |
| Bitcoin Cash | 1.98x | 1.69x | Ordinary |
| Hedera | 1.34x | 1.51x | Quiet |
| Avalanche | 1.68x | 1.55x | Ordinary |
| Litecoin | 1.69x | 1.64x | Ordinary |
| Gram | 1.35x | 1.32x | Quiet |
| Shiba Inu | 1.72x | 1.75x | Ordinary |
| Uniswap | 2.96x | 1.49x | Strong |
| Polkadot | 1.49x | 1.50x | Quiet |
| Aave | 2.21x | 1.58x | Strong |
| Bittensor | 1.81x | 1.68x | Ordinary |
| NEAR Protocol | 2.02x | 1.43x | Strong |
| Aptos | 1.50x | 1.73x | Ordinary |
| Internet Computer | 2.00x | 1.50x | Strong |
| POL (prev. MATIC) | 1.91x | 1.60x | Ordinary |
| Filecoin | 1.50x | 1.51x | Ordinary |
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 4.14x a lot?
For a PCE release it is exceptional: the usual is 1.77x. Each report has its own usual size, and its releases show it.
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.
What is PCE, and why does the Fed watch it?
PCE is the Personal Consumption Expenditures price index published by the Bureau of Economic Analysis. The Federal Reserve measures its 2 percent inflation goal with the PCE price index. PCE, Core PCE and Personal Income are released together at 8:30 a.m. ET and share one reaction. Their median Bitcoin price swing since 2021 is 2.03x, which places them in Tier 2.
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.