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Friday, June 12th ETH Morning Thoughts
Ethereum's current quote is about 1665, up 2.23% in 24 hours, but down 5.71% over the past 7 days, overall in a weak oscillation pattern.
From the market perspective, ETH has fallen over 43% since the beginning of the year, rebounded intra-day to 1,694 then retreated, multiple attempts to break 1,680 resistance have failed.
Funds are highly contested, with a total of $361 million liquidated across the network in the past 24 hours, about $69 million of which is ETH, with frequent spike trading.
On the macro level, hawkish expectations from the Federal Reserve suppress risk assets, but technically, MACD bearish momentum is waning, with support at the bottom, indicating a short-term rebound demand.
Trading suggestion: rebound between 1680-1700 for a short, target 1620
Stop loss 1730, look for a dip to 1600-1630 for a long, target 1680, stop loss 1570$BTC $ETH $SOL