Ethereum (ETH) Bends Toward $1,000 As Doubt Fills Crypto Markets

Christian Encila

Last Updated: June 11, 2024 2:21 pm

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Ethereum (ETH) traded in tandem with risky assets on the final session of the first half of the year, due to persisting fears of greater inflation and rising interest rates. Some analysts say this might set the stage to more decreases heading into the third quarter.

Following a four-day losing skid, ETH’s price fell roughly 6 percent to $1,044 on Thursday. The ETH/USD pair has also broken below its interim rising trendline support, creating an “ascending triangle” pattern in conjunction with a horizontal trendline resistance to the upside.

The Ethereum (ETH) price graph displays a five-day losing run that contradicts the comeback rally from the previous week. In addition, the decreasing price may reach the psychological $1,000 mark, suggesting the sellers’ effort at a further decline.

Source: TradingView.com

Ethereum Breaches Vital Support Level

In the past several hours, the price of Ethereum has breached a crucial level of support, falling below $1,000. The Fibonacci retracement indicator suggests that there are no strong support levels for ETH that could maintain price stability. Consequently, any selling pressure may result in another decline to $900 or even lower.

Ethereum is scheduled to receive the ‘Merge’ upgrade, a long-anticipated reformation that the global investment community has expected.

The upgrade intends to transition the blockchain from proof-of-work to proof-of-stake, a considerably more energy-efficient project that may also have an influence on transactions and crypto trading experiences, making it more effective.

But the launch announcement has not had the same effect on the investing community. The price of Ethereum continued to retreat with Bitcoin.

ETH total market cap at $127 billion on the daily chart | Source: TradingView.com

To have a chance of refuting the bearish view, the second-largest cryptocurrency by market cap must recover $1,100 as support.

Since middle of June, Ether had been running within an ascending triangle. On June 29, Ether broke below the triangle’s lower trendline, accompanied by a surge in trading volumes that confirmed traders’ certainty about a further downturn.

As a result, the downside goal for ETH for the third quarter, based on the ascending triangle formation, is about $835, which is almost 20% lower compared to the price on June 3.

During the Asia-Pacific trading, the price of Ethereum surpassed the previous day’s peak. However, as soon as the European session began, the price plummeted below its opening level.

Curiously, stocks declined in a similar manner. It is becoming increasingly evident that Europe and the United States are approaching the next phase of the global correction before entering recession, which is beginning to appear inevitable.

Featured image from Crypto Basic, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.