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#ETHStandsAbove1900
Ethereum Shows signs of life -Can the next level of resistance be cleared? Ethereum has spent some time now above the $1900 level for the first time in early June and shows it looks like sentiments improved in the crypto market. While Bitcoin trades flat, ETH starts gaining attention, and the growing ETH/BTC ratio could suggest some of the capital currently deployed in BTC is flowing to ETH.
I see two possible explanations for the ongoing price action in ETH: The latest US CPI & PPI readings come in lower than expected, diminishing concerns about the Fed needing to keep rates rising rapidly.
Declining inflation could positively affect future liquidity conditions that would typically favour risk assets. Second is institutional attention: ETH is in the news for the potential Spot ETH ETF, which fuels the hopes for it to gather further attention from large institutional players. Large institutions’ interest often gets amplified in crypto due to the potential it generates for future adoption and liquidity. ETH is well on its recovery path from its last lows, indicating that investors are not scared anymore of stepping in ETH.
The upcoming resistance zone is around $1950 – breaking above can fuel the bullish momentum, while rejection may lead to some consolidation before another upward move.
Keep an eye on the ETH/BTC ratio, and if ETH continues to outperform BTC, it might provide more attention on other altcoins. It does not necessarily signal a full-blownaltseasonis approaching, but it’s something to keep an eye on. Even with this up-move, don’t forget the risk-management.
MACROeconomics news and the spot ETF sentiment will likely remain the primary drivers, and long-term trends will eventually overcome all other FUD and fear. The up-move of ETH appears to consolidate before making its move. We are heading towards the end of the week, let’s see if the buyers have enough to drive ETH above the $1950 level?
What are your predictions ETH holders?
Will ETH blast through $1950, or will sellers defend the level?
#Ethereum #GateSquare