Ether’s (ETH) market structure continues to be bearish despite the failed attempt to break the descending channel resistance at $2,000 on May 31. This three-week-long price formation could mean that an eventual retest of the $1,700 support is underway.
Ether/USD 4-hour price at Bitstamp. Source: TradingView
On the non-crypto side, a number of equities-related factors are translating to negative sentiment in the crypto market. This week Microsoft (NASDAQ:MSFT) lowered its profit and revenue outlook, citing challenging macroeconomic conditions. The U.S. Federal Reserve signalled in its periodic “Beige Book” that economic activity may have cooled in some parts of the country and the Fed is about to reduce its $9 trillion asset portfolio to combat persistent inflation.
Ethereum network total value locked, ETH. Source: Defi Llama
Ether futures 3-month annualized premium. Source: Laevitas