Ether’s price plunged 7% between June 14 and June 15, reaching its lowest level in three months and impacting investors’ view that the altcoin was en-route to turning $2,000 to support.
It is worth noting that the $1,620 bottom represents a $196 billion market capitalization for Ether (
Ether’s price looks poised to drop down to $1,560
Investors tend to focus solely on short-term price movements and forget that Ether’s price is up 37% year-to-date in 2023. Moreover, by relying too much on Ethereum’s $24 billion in TVL, traders might have missed the signals of weakening demand for DApp use.
For now, bears have the upper hand considering the ETH derivatives metrics, so a retest of the $1,560 support is the most likely outcome. That does not mean that the 2023 gains are at risk, but until the regulatory FUD — fear, uncertainty and doubt — dissipates, bulls will have a hard time moving Ether above the $1,750 resistance.
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