๐ Ethereum Dips as June's Historical Blues Loom ๐
๐ง๏ธ ETH Slips Ahead of Its Toughest Month
Ethereum (ETH) has pulled back for three straight days, touching a low of $2,500 โ down 9.8% from its monthly high. Despite this dip, ETH is still performing better than many altcoins, which have seen drops of over 15% this month.
Why the slump? ๐ Historically, June is Ethereum's worst-performing month, with an average return of -7.4% and a median of -8.68%, according to CoinGlass.
๐ June Jitters: Seasonal Trends at Play
Since 2016, June has been rough for both Ethereum and Bitcoin, which averages -0.35% returns in the month.
Seasonality isnโt always reliable though โ ETH already bucked trends with a 31% drop in Feb and 18% in March, despite historically strong gains.
๐ก Undervalued But Strong Fundamentals
Allโs not gloomy โ ETH may actually be undervalued, with the MVRV ratio at -0.074, suggesting potential upside.
๐ MVRV under 1 = likely undervalued asset.
๐ Ethereum whales are noticing! They've increased holdings to 103.5M ETH, up from 103.45M โ a bullish signal.
Meanwhile, Wall Street is loading up โ spot ETH ETFs have seen 10 straight days of inflows, totaling over $3B. ๐
๐ Technicals Paint a Bullish Picture
ETH recently bounced from its April low of $1,385 to $2,530 โ
Itโs trading above the 50-day moving average ๐
Cup-and-handle and bullish flag patterns are forming โ classic continuation signs that suggest a breakout could target $4,185 in the coming months. ๐๐ฅ
๐ฎ Eyes on June: Dip or Opportunity?
Though June looms with caution, strong fundamentals, whale activity, and ETF inflows hint at a potential buy-the-dip moment.
Thankyou๐
โSmart minds follow smart moves. Tap follow for more insights ๐ง ๐โ