Global chaos continues. Last week we saw the EU pass a sixth round of sanctions against Russia, including energy-related restrictions. Even though the Eurozone experienced high inflation above 8% last month (mainly due to energy), the EU has opted for more tougher sanctions rather than easing relations with Russia to reduce energy pressures. At the same time, we have seen Russia's strong opposition to U.S. aid of medium-range missiles to Ukraine's and its fiery rhetoric attacking the core of decision-making. The war has not cooled down. On the other side of the world, India, the second-largest wheat exporter, is affected by high temperature, and now is restricting the wheat exports, which will also exacerbate the tension in global food supply.
Last week, cryptocurrencies basically remained volatile. There was no continuity for both bears and bulls. The price has returned to its original level.
The price was squeezed out of the range again after briefly returning to yellow range last week. The pressure brought by the lower rail of the bearish channel is continuous, and whether the rise on May.30 or Jun.6 was stopped when it reach the lower rail. So compared to BTC, ETH did not perform well in the last week. In terms of details, the bulls have strengthened. Unlike it in May, the number of long-green candles has increased, and both are accompanied by large-scale trading volume in the last week.
Conclusion: Mostly fluctuation. The price is approaching lows(1700) again, but the build-up of bullish power recently makes us think the previous lows have more supportive power. Between the lower rail and the previous low, it will fluctuate. This week, we lowered the support level to the previous low (1700) and the resistance level to (2000), and in the short-term, there will still be resistance near the lower rail of bearish channel.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
Last week, cryptocurrencies basically remained volatile. There was no continuity for both bears and bulls. The price has returned to its original level.
The price was squeezed out of the range again after briefly returning to yellow range last week. The pressure brought by the lower rail of the bearish channel is continuous, and whether the rise on May.30 or Jun.6 was stopped when it reach the lower rail. So compared to BTC, ETH did not perform well in the last week. In terms of details, the bulls have strengthened. Unlike it in May, the number of long-green candles has increased, and both are accompanied by large-scale trading volume in the last week.
Conclusion: Mostly fluctuation. The price is approaching lows(1700) again, but the build-up of bullish power recently makes us think the previous lows have more supportive power. Between the lower rail and the previous low, it will fluctuate. This week, we lowered the support level to the previous low (1700) and the resistance level to (2000), and in the short-term, there will still be resistance near the lower rail of bearish channel.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
