Macro Overview
- US Job Openings: Came in higher than expected, which is bearish for the crypto market.
- US Unemployment Rate: Came in as expected, which is neutral for the market.
Crypto Markets Overview
Top Tokens Update
- Ethereum Foundation Restructures to Improve Scalability: The Ethereum Foundation laid off some staff and reorganized its teams to focus better on improving scalability and user experience. New leaders were assigned to key areas, and the foundation plans to work more closely with the community through better communication and feedback. This change comes after concerns about Ethereum’s progress and aims to speed up development.
- Maple Finance Now on Solana with Chainlink: Maple Finance has expanded to the Solana blockchain, bringing its stablecoin syrupUSDC with a fixed 6.5% yield. Users can move syrupUSDC from Ethereum to Solana thanks to Chainlink’s technology. The platform offers easy and reliable lending tools with $30 million in backing and $500,000 in rewards to encourage use.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Jun-11 | 6:00 PM | US CPI y/y | Actual’ less than ‘Forecast’ is good for crypto |
| Jun-12 | 6:00 PM | US PPI m/m | Actual’ less than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Neutral.
- Bitcoin has stayed bearish, as mentioned in our last weekly report. Right now, the price action is mixed and uncertain. We expect it to remain choppy in the coming week.
- Key support levels to consider are around $101,400 and $99,100. On the upside, resistance level is at $106,200 and $110,000.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Neutral.
- ETH remained sideways this week with weak price action. The trend is unclear at the moment, and we expect choppy price action in the coming days.
- Significant support levels include $2380 and $2275, while resistance levels to watch are at $2680 and $2821.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
Disclaimer: “The information, advise and/or views provided on this page are that of the author or company and are for informational purposes only. The Platform does not intend to: (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, or (ii) to provide accounting, legal, or tax advice, or investment recommendations, or (iii) make any representation of any kind, express or implied, on accuracy, availability, reliability or completeness of the same. Note Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. AT NO TIME WILL THE PLATFORM BE LIABLE FOR YOUR USE OR RELIANCE OF THE SAID INFORMATION, ADVISE AND/OR VIEW WHICH IS SOLELY AT YOUR OWN RISK.”
