Ethereum

Bitcoin

Resistance

Read

Shiba Inu

<ul>
 <li>Ethereum is trading at $3,624, targeting $3,740 if momentum holds, with $3,430 as potential support.</li>
 <li>US CPI data decreased to 3.3%, boosting the crypto market, with Bitcoin nearing $70,000 and Ethereum rising.</li>
 <li>Ethereum’s daily active addresses dropped from 622,963 in March to 458,400 in June, despite increased large transactions.</li>
</ul>
Ethereum (ETH) is currently on a strong upward trend, encountering resistance at around $3,660, suggesting short-term traders might be taking profits.&nbsp;
Buyers have driven the price above immediate Fibonacci channels, targeting a further rise above EMA trend lines. ETH is trading at $3,624, reflecting a 3.3% increase in the past 24 hours. If this buying momentum continues, $3,430 could become a solid support level, increasing the likelihood of reaching $3,740. Conversely, if the price falls below $3,430, selling pressure could intensify, potentially driving the price down to $3,172.
The latest US CPI data for May showed a slight decrease in inflation, dropping to 3.3% from April’s 3.4%. This development positively impacted the market, spurring a significant recovery in major cryptocurrencies. Bitcoin is approaching the $70,000 mark, while Ethereum has experienced increased buying activity, pushing it towards key price levels and boosting on-chain metrics.
The crypto market responded favorably to the soft CPI report. Bitcoin’s price surged towards $70,000, and <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum’s price</a> approached $3,700. Data indicates a significant increase in large transaction volumes, with Ethereum whales transacting over $13 billion in the past 48 hours, suggesting potential accumulation ahead of a significant move.&nbsp;
However, Ethereum’s network activity has declined in certain metrics over the past 90 days. There’s a drop in daily active addresses from 622,963 on March 20 to 458,400 on June 10, with a 1.2% decrease in the past 48 hours.
<h4 class="wp-block-heading" id="h-read-also">Read also:</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/ethereums-bullish-momentum-prevails-despite-potential-correction/" rel="noopener noreferrer nofollow">Ethereum’s Bullish Momentum Prevails Despite Potential Correction</a></li>
 <li><a href="https://cryptonewsland.com/coinbase-prevails-in-lawsuit-over-secondary-sales-of-crypto-transactions/" rel="noopener noreferrer nofollow">Coinbase Prevails in Lawsuit Over Secondary Sales of Crypto Transactions</a></li>
 <li><a href="https://cryptonewsland.com/shiba-inus-resilience-prevails-bullish-indicators-point-to-surge-ahead/" rel="noopener noreferrer nofollow">Shiba Inu’s Resilience Prevails: Bullish Indicators Point to Surge Ahead!</a></li>
 <li><a href="https://cryptonewsland.com/shiba-inu-defies-market-odds-greed-prevails-amid-price-dip/" rel="noopener noreferrer nofollow">Shiba Inu Defies Market Odds: Greed Prevails Amid Price Dip</a></li>
 <li><a href="https://cryptonewsland.com/solana-rises-amid-crypto-market-plunge-whats-driving-the-surge/" rel="noopener noreferrer nofollow">Solana Rises Amid Crypto Market Plunge: What’s Driving the Surge?</a></li>
</ul>
The post <a href="https://cryptonewsland.com/ethereums-price-surge-faces-resistance-at-3660-will-bulls-prevail/" rel="noopener noreferrer nofollow">Ethereum’s Price Surge Faces Resistance at $3,660: Will Bulls Prevail?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Ethereum’s Price Surge Faces Resistance at $3,660: Will Bulls Prevail?

Crypto News Land

Other articles published on Jun 12, 2024

US FTC Issued Warning Against Crypto Romance Scammers

$1 Billion in Bitcoin (BTC) Disappear

Investors Abandon Tron and Near Protocol, Choose MoonBag as the Top Crypto Presale in June 2024 w...

NFT Prices Tumble As Crypto Investors Place Big Bets On Bitcoin And Ethereum ETFs

Zimbabwe Seeks Feedback On Crypto Regulatory Framework

MoonBag: The Best Crypto Presale in June 2024 Set To Reach $1 as Rumors Of Coinbase Listing Linger

Join our free newsletter for daily crypto updates!