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Ethereum hits 2700 USD, Solana ecosystem boosted by ETF expectations
Crypto Market Update: Ethereum Expected to Break 2700 USD, Solana Ecosystem Benefits from ETF Expectations
Market Observation
The Federal Reserve is about to announce its interest rate decision, and the market is closely watching Chairman Powell's speech to understand the direction of policy. Although job growth has slowed, the unemployment rate has remained stable for three consecutive months, partly due to a decrease in immigration affecting labor supply. The core inflation rate in May was below expectations for four consecutive months, influenced by expectations of interest rate cuts, resulting in a decline in the yield of the two-year U.S. Treasury bonds last week. Some Federal Reserve officials are open to the idea of interest rate cuts, believing that the impact of tariffs on prices can be viewed as temporary, as long as inflation expectations remain stable. Some economists predict that if officials raise inflation expectations, the number of interest rate cuts may be reduced this year. The market will closely monitor the Federal Reserve's new round of economic forecasts.
In the global wave of digital transformation, the integration of traditional industries with Web3 and AI technologies is reshaping the business landscape. This trend is reflected not only in companies' layouts for decentralized AI and blockchain technologies but also in specific investment actions. For example, a listed company invested $500 million to acquire Fetch.ai tokens, aiming to create the world's largest corporate AI token reserve. The decentralized large language model launched by Fetch.ai provides AI support for multiple industries. However, as companies enter Web3, they also need to be wary of the price volatility of crypto assets and regulatory compliance risks, ensuring strategic sustainability while seizing innovative opportunities.
Bitcoin maintained fluctuations over the weekend, with technical indicators showing that BTC is currently operating above the 0.236 Fibonacci retracement level and along the upward trend line since early June. The MACD histogram is flattening, indicating weakening bearish momentum. If the price breaks above the 50-period moving average and stabilizes at the 0.5 Fibonacci level, it may test higher levels in the short term. Despite increased market volatility, the technical structure of Bitcoin remains sound, and the overall upward trend is still solid. Analysts point out that $105,000 is a key resistance level; if it falls below again, Bitcoin could retrace to the $100,000 liquidity area, providing new buying opportunities for the market. Other traders believe that Bitcoin is forming a "reverse head and shoulders pattern," and once it breaks the neckline, the price target could exceed $140,000. Historical data shows that after a significant rise in oil prices, Bitcoin's price may experience a notable rebound in the short term.
Ethereum stabilized around $2,509 after a pullback from $2,771 to $2,443 last week, resulting in significant losses for many traders. However, institutional investors have been continuously increasing their positions, with a major asset management giant purchasing $570 million worth of ETH within two weeks, currently holding over 1.5 million coins. From a technical perspective, ETH is testing the key support range of $2,500 to $2,550. If the support holds, it may rebound to the $2,700 to $2,800 range; otherwise, it could pull back to lower levels. It is noteworthy that the supply of ETH on exchanges has fallen to its lowest level in eight years, and the supply shortage may drive prices up. The market generally expects ETH to potentially break $4,000 by the end of 2025, with some institutions more optimistic, forecasting a short-term target price of $5,400 and a long-term target price of $7,000.
On the evening of June 15, certain tokens experienced a cliff-like drop on trading platforms, triggering a large number of liquidations. Analysis pointed out that this crash was caused by multiple key addresses withdrawing liquidity and a large amount of selling, leading to panic selling in the market and liquidity depletion. The upcoming unlocking of a large number of tokens further exacerbated the selling pressure. Data shows that the total liquidation amount across the network in the past 24 hours reached $240 million, with one token contributing $102 million.
At the same time, the Solana ecosystem may benefit from the sharp decline of certain tokens and the approaching ETF, showing strong performance, with SOL rising 7.3% in 24 hours and ecosystem projects performing well. In addition, a community member anticipates that their token will be launched soon, with the current institutional over-the-counter trading price at $0.1.
Key Data
ETF Flows (as of June 13)
Today's Outlook
Hot News