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Highlights
- According to Coinmarketcap data, the global crypto market capitalization stands at $2.54 Trillion, while the 24-hour trading volume is recorded at $91.67 Billion.
- The Ethereum’s Fear and Greed Index at 62% indicates the market sentiment is still possible for future gains.
- The intraday trading volume in Ether is $16.3 Billion, indicating a 16% gain.
Ethereum Price: Over the past two weeks, the second-largest cryptocurrency Ethereum witnessed shrunk volatility carrying a consolidation trend above $3600. The daily chart projecting short body candles and rejection on both sides indicates a lack of direction among market participants. Will the BTC price drop below $70000 push a prolonged correction in the altcoin market?
Also Read: Crypto Prices Today June 8: Bitcoin & ETH Take Bearish Turn, Wormhole & INJ Pump
Ethereum Price Defend Key Support Amid Broader Uncertainty
During mid-May, the Ethereum price rebounded sharply from the $2860 support indicating the investor continued to accumulate this asset at market dips. The renewed buying force uplifted the ETH value by 39% to reach a 10-week high of $3975.
However, with broader market uncertainty the recovery momentum in Ether stalled resulting in a sideways action above $3630. This support coinciding closely with the 20-day EMA slope and 23.6% Fibonacci retracement level creates a high area of interest for buyers.
The notable rejection of candle tails at this support indicates the buyers are defending this support. For risk-averse traders, a breakout above the overhead resistance of $4090 will give a better confirmation of a prolonged rally.
With sustained buying, the Ethereum price prediction hints at a rally to challenge the ATH (All-time-high) resistance of $4880.
On a contrary note, a breakdown below $3630 will accelerate the selling pressure and may extend the current correction for a week or month.
Also Read: Crypto Market Selloff: Here’s Why Bitcoin, ETH, SOL, XRP, DOGE Prices Slips Today
Historical Trends Show June’s Mixed Fortunes for Ethereum
Ethereum’s price performance in June has shown significant volatility over the past years, with both notable gains and sharp declines. The largest drop occurred in 2022 with a steep decline of -44.79%, while the highest gain was in 2017 at +26.19%.
On average, June tends to yield negative returns, with an average of -6.76% and a median of -2.53%. This negative bias suggests that June is often a challenging month for Ethereum. However, the data also hints at the potential for sharp reversals, as seen in the positive return of +8.86% in 2019 following a significant drop of -21.34% in 2018.
These variations are likely influenced by broader market conditions, including macroeconomic factors and regulatory news. Given this historical performance, investors might approach June with caution.
However, with steady development for the launch of Spot Ethereum ETFs, the market is better leaning in buyers’ favor.
Technical Indicator
- Exponential Moving Average: The Ethereum price trading above the daily EMAs (20, 50, 100, and 200) indicates the path to least resistance is upward.
- Average Directional Index: The downtick in ADX slope at 33% indicates the current consolidation could assist buyers in recuperating exhausted bullish momentum.
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