Ethereum’s June Drama: Will It Survive the Summer Slump?

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So, Ethereum decided to take a little vacation, pulling back for three days straight. Traders are adjusting their positions for June, which, let’s be honest, is like preparing for a family reunion—historically awkward and full of regrets. 😬

ETH has hit a low of $2,500, which is a 9.8% drop from its monthly high. But hey, at least it’s still outperforming most altcoins, many of which are down more than 15%. Talk about a silver lining! 🌥️

As June approaches, ETH is retreating like a cat avoiding a bath. CoinGlass data reveals that June has been a real party pooper since 2016, with an average performance of minus 7.4%. The median return? A delightful minus 8.68%. Cheers to that! 🥂

And let’s not forget about Bitcoin, which also has a knack for June gloom. It’s the second-worst month for BTC after September, with an average return of minus 0.35%. Who knew summer could be so cruel? ☀️

But seasonality is a fickle friend. Remember when ETH dropped 18% in March? Yeah, that was a plot twist nobody saw coming. And February? A 31% drop after six years of gains. It’s like watching your favorite show get canceled after a cliffhanger! 📺

On the bright side, Ethereum has some strong fundamentals as we kick off June. The MVRV ratio is looking cheap at minus 0.074, which means it’s undervalued. It’s like finding a designer dress at a thrift store! 👗

Plus, Ethereum whales are buying the dip like it’s Black Friday. They now hold 103.5 million ETH coins, up from a low of 103.45 million. Whale purchases? That’s a bullish sign, folks! 🐋

Wall Street investors are also getting in on the action, buying ETH like it’s the last slice of pizza. Spot Ethereum ETFs have seen inflows for 10 straight days, totaling over $3 billion. That’s a lot of dough! 🍕

Ethereum Price Technical Analysis

Now, let’s talk charts. The daily chart shows that Ethereum’s price bottomed at $1,385 on April 9 and then bounced back to $2,530. It’s above the 50-day moving average and slowly forming a bullish flag pattern. It’s like watching a butterfly emerge from its cocoon! 🦋

This pattern consists of a vertical line and a consolidation. Very technical, very fancy.

And guess what? Ethereum is also forming a cup-and-handle pattern, which is a popular continuation sign. The cup has a depth of about 50%, giving it a price target of $4,185. Fingers crossed, right? 🤞

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2025-05-31 16:26