- [Review] -
Rest on Saturday and Sunday, skip skip.
- [Today's Market Analysis] -
Old Liquor Trading Diary: Daily Interpretation 6.3
① Intraday ultra-short-term - Resistance: 69300-69600
If the market reaches this level today, it will likely trigger a pullback on the 30-minute to hourly level. As long as the pullback is controllable, it is a retracement rather than a market crash. After the retracement, the market will probably continue to rise. If it effectively breaks through 69300-69600, there is a high probability of testing above 70500.
② Intraday ultra-short-term - Support: 60200-60400
If the market wants to continue to rise, it must hold at this level. The worst result is not to fall below 67700. Once it falls below 67700, the short-term market will instantly turn bearish.
Summary: A big move is coming soon. Whether it goes up or down depends on the fluctuations in the next two days.
- [Cryptocurrency News] -
Since the approval of ETF, a total of 3 billion US dollars worth of Ethereum has been withdrawn from cryptocurrency exchanges.
According to CryptoQuant's data, between May 23 and June 2, the amount of Ethereum held by exchanges decreased by about 797,000, equivalent to 30.2 billion US dollars.
The decrease in foreign exchange reserves means a decrease in the amount of currency available for sale, as investors convert their currency for custody for purposes other than immediate sale.
The data shows that the circulating supply percentage of Ethereum held by exchanges is also at its lowest level in years, at only 10.6%.
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 spot Ethereum ETFs start trading due to increased demand, Ethereum may surpass its historical high of $4,870 set in November 2021—similar to Bitcoin since the launch of spot Bitcoin ETF trading in January this year.
DeFi report cryptocurrency analyst Michael Nadeau stated in a report on May 28 that Ethereum may benefit more from demand pressure than Bitcoin, as it does not have the same level of "structural selling pressure".
For example, Bitcoin miners are occasionally forced to sell BTC to pay for mining costs, while Ethereum validators do not generate the same operating expenses as Bitcoin miners.
However, some are concerned that if the Ethereum Trust Fund (ETHE), which manages $11 billion in funds, follows the example of the Grayscale Bitcoin Trust Fund (GBTC), it may affect the price trend of Ethereum. The Grayscale Bitcoin Trust Fund (GBTC) saw $6.5 billion in outflows in the first month after approval.
So, what do you think, buddy?
Personal opinions, for reference only
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