On Thursday, major cryptocurrencies continued to trade downward and saw minor gains. In recent weeks, virtual currencies, led by Bitcoin, have been caught in a downward spiral, dropping up to 50% of their value since reaching record highs in mid-April. While there was also a pullback headed by the crypto-giant Bitcoin, which had gained about 10% in early Thursday trade. Also, The total market capitalization of the cryptocurrency industry increased by 6% in June.
The mixed economic statistics from the United States had a moderate impact on Ethereum, and the price levels were maintained. According to the report, the unemployment rate fell to 5.8% in May, with the economy adding more than 500k jobs.
Ethereum Price Forecast
The ETH price chart already shows some significant rhyming, indicating a potential profit opportunity for optimistic investors in the next weeks. The price of ETH is continuing to recover after the May market crisis wiped out more than half of its gains.
It’s incredible that Ethereum, which lost 60% of its value during the meltdown, appears to be on the mend while simultaneously indicating that it’s primed for a massive breakthrough. Experts also feel that, with EIP 1559, ETH will soon be able to compete with BTC as a long-term store of value.
While today’s tumultuous start to the day saw ETH price trade around $2600, the price of Ethereum has returned nearly half of its losses. Ethereum may face resistance at the $2,740 level, as well as the $2,770 level, which is the second significant resistance level.
If the price falls below the pivot at $2,549, the first significant support level at $2,469 will be tested. Ethereum, on the other hand, should avoid the second key support level of around $2,327. Before a rally to the upside can be validated, ETH bulls must first break above the $2,936 levels and see a jump in volume.