Ethereum News: Navigating a volatile cryptocurrency market is difficult. Unable to find direction on either side of the trend, Ethereum still faced some bullish pressure. For Ethereum Classic, on the other hand, the volatility is quite low. Theta, on the other hand, experienced plenty of positive volatility last week, allowing the asset to rebound over 40% momentarily.
While no clear trend has yet emerged over a longer time frame, we analyzed these assets to see if a sharp move from the side is coming.
A break above $3000 is coming for Ethereum?
The June 3 rejection was met at $2900 and the June 5 rejection at $2800. With the depleted bullish momentum, ETH looked set to retest $2250 but the $2550 support was held. After 48 hours, the price climbed back above $2800, which is a strong indication that $3000 is still available.
As seen in the chart above, Ethereum’s NVT rate has been increasing for the past few days now, but its average has remained low. A low NVT rate indicates that the ETH network is currently undervalued. This means that the probability of gaining value increases.
Speaking of the drop, Ethereum’s stock market entries hit a new low, which was last witnessed under October 2020. This date was just before the start of the bull run. After the entry hit a new high of 780,000 on May 19, it can be concluded that the selling pressure has finally reached its breaking point.