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Ethereum Breaks Key $3,725 Support: Imminent Liquidations Expected?

Institutional Crypto Research Written by Experts

Author

Markus Thielen
June 07, 2024

👇1-11) Surprisingly, Crypto sold off at the end of Friday without a determining catalyst. US stocks were mixed on the data (-0.1%), while Gold (-3.3%), the Euro (-0.8%), Bitcoin (-2%), Ethereum (-3.5%), and Treasury Bonds [TLT ETF] (-1.8%) had far more pronounced moves based on their daily volatility. GameStop declined by -39%. Ethereum has closed below its 3,725 support level; if Ethereum fails to rally above it, then…

Ethereum - Technical Support Level (see ‘Bart’ Chart explanation)

👇2-11) US employment data was mixed, with the unemployment rate climbing to 4.0% but an upside surprise in the number of jobs added. This was entirely due to an increase in part-time workers. On the contrary, the household survey signaled a sharp decline in job growth. Next week’s inflation (CPI) data point will be far more critical.

👇3-11) Gold tumbled after foreign reserve data from China indicated the PBoC had stopped buying Gold, while Treasury Bonds sold off after the US employment data. GameStop sold off immediately from the open as the company unveiled up to $3bn in share sale to raise capital.

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