- Ethereum is trading at $3,624, targeting $3,740 if momentum holds, with $3,430 as potential support.
- US CPI data decreased to 3.3%, boosting the crypto market, with Bitcoin nearing $70,000 and Ethereum rising.
- Ethereum’s daily active addresses dropped from 622,963 in March to 458,400 in June, despite increased large transactions.
Ethereum (ETH) is currently on a strong upward trend, encountering resistance at around $3,660, suggesting short-term traders might be taking profits.
Buyers have driven the price above immediate Fibonacci channels, targeting a further rise above EMA trend lines. ETH is trading at $3,624, reflecting a 3.3% increase in the past 24 hours. If this buying momentum continues, $3,430 could become a solid support level, increasing the likelihood of reaching $3,740. Conversely, if the price falls below $3,430, selling pressure could intensify, potentially driving the price down to $3,172.
The latest US CPI data for May showed a slight decrease in inflation, dropping to 3.3% from April’s 3.4%. This development positively impacted the market, spurring a significant recovery in major cryptocurrencies. Bitcoin is approaching the $70,000 mark, while Ethereum has experienced increased buying activity, pushing it towards key price levels and boosting on-chain metrics.
The crypto market responded favorably to the soft CPI report. Bitcoin’s price surged towards $70,000, and Ethereum’s price approached $3,700. Data indicates a significant increase in large transaction volumes, with Ethereum whales transacting over $13 billion in the past 48 hours, suggesting potential accumulation ahead of a significant move.
Read CRYPTONEWSLAND on
google news
However, Ethereum’s network activity has declined in certain metrics over the past 90 days. There’s a drop in daily active addresses from 622,963 on March 20 to 458,400 on June 10, with a 1.2% decrease in the past 48 hours.
Read also:
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
