-【Replay】-
Rest on Saturday and Sunday, skip it.
-【Today's Market Analysis】-
Old Wine Trading Diary: Daily Interpretation 6.3
① Intraday ultra-short-term pressure: 69300-69600
If the market reaches this position today, it will probably trigger a 30-minute to hourly retracement. As long as the retracement is controllable, it is a retracement rather than a market crash. Then the market will probably continue to rise after the retracement. If it effectively breaks through 69300-69600, there is a high probability that it will test above 70500.
② Intraday ultra-short-term support: 60200-60400
If the market wants to continue to rise, this position must be maintained. The worst result is that it cannot fall below 67700. Once it falls below 67700, the short-term market will turn bearish instantly.
Summary: The big thing is coming soon. Whether it will go up or down depends on the fluctuations today and tomorrow.
-【Digital Currency News】-
Since the ETF was approved, a total of $3 billion in Ethereum has been withdrawn from cryptocurrency exchanges.
According to CryptoQuant, the amount of Ether on exchanges fell by about 797,000 Ether between May 23 and June 2, equivalent to $3.02 billion.
A reduction in foreign exchange reserves means a decrease in the amount of currency available for sale as investors move their currencies into safekeeping for purposes other than immediate sale.
The percentage of Ether’s circulating supply held by exchanges is also at its lowest level in years, at just 10.6%, the data shows.
Last week, Bloomberg ETF analyst Eric Balchunas predicted that an Ethereum ETF could be launched by the end of June.
Some analysts believe that once the spot Ethereum ETF begins trading due to increased demand pressure, Ethereum could surpass its all-time high of $4,870 set in November 2021 - similar to how Bitcoin has performed since the spot Bitcoin ETF launched trading in January this year.
DeFi Report cryptocurrency analyst Michael Nadeau said in a May 28 report that Ethereum could benefit more from demand pressure than Bitcoin because it does not have the same degree of “structural selling pressure.”
For example, Bitcoin miners are occasionally forced to sell BTC to cover mining costs, while Ethereum validators do not incur the same operating expenses as Bitcoin miners.
However, there are concerns that the Ethereum Trust (ETHE), which manages $11 billion, could affect Ether’s price action if it follows the lead of the Grayscale Bitcoin Trust (GBTC), which saw $6.5 billion in outflows in its first month after being approved.
So, man, what do you think?
