Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

  • 📰 FXStreetNews
  • ⏱ Reading Time:
  • 24 sec. here
  • 4 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 72%

Ethereum News

Cryptocurrencies,Technical Analysis

Ethereum (ETH) is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone.

Ethereum price today: $2,420 Ethereum sees higher allocation than Bitcoin in State of Michigan Retirement System portfolio following the fund's $11 million ETH ETF holdings. Despite the investment, ETH ETFs continue to underperform BTC ETFs as the top altcoin's market dominance plunges further. Ethereum could find support around a key descending trendline and its major demand zone near $2,258.

45 million and $12.09 million, respectively. ETH could find support near a descending trendline extending from May 27. This trendline is also near the $2,258 support level, which is historically a major demand zone for ETH. Hence, the top altcoin could bounce off this level if prices decline toward it. ETH/USDT daily chart The Relative Strength Index and Awesome Oscillator momentum indicators are below their mid-levels, indicating prevailing bearish pressure.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 14. in SG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ethereum Price Forecast: ETH futures market seems overheatedEthereum (ETH) declines for a second consecutive day on Tuesday after facing rejection around the $2,700 level the previous day.
Source: FXStreetNews - 🏆 14. / 72 Read more »