ETH/USD Price Analysis – June 19, 2023

Daily Price Outlook

Ethereum (ETH) is stepping up its game with an exciting new development called “Ethscriptions.” Following in Bitcoin’s footsteps, Ethereum is launching its own NFT inscription project, adding a splash of creativity to the blockchain world.

Middlemarch, the co-founder of Capsule 21, coined the term “Ethscriptions” and revealed that users could create and distribute digital works using call data from Ethereum transactions. Get ready for a whole new level of artistic expression!

But wait, there’s more! Ethereum’s transaction fees are making headlines. Ethereum has been sporting the highest fees in town compared to its competitors.

According to Crypto Fees data, daily fees skyrocketed to a whopping 4.6 million, with the weekly average fees soaring above 4.3 million. It seems like Ethereum wants to make a grand entrance, but those fees might need some fine-tuning.

Amid all this excitement, Ethereum’s price is facing some backlash from institutions. The recent decision by the US Federal Reserve (Fed) to keep interest rates unchanged has caused a dip in the prices of Ethereum and the leading cryptocurrency, Bitcoin.

Institutions are feeling bearish and taking a breather, opting to wait for a potential recovery instead of riding the roller coaster of uncertainty.

And let’s not forget about Ethereum’s price, which has hit a three-month low. After losing support at the $1,700 level, Ethereum’s price took a further tumble on this week’s charts.

The crypto market faced turbulence as regulatory actions targeted Binance and Coinbase, while the Fed held interest rates steady at 5% to 5.25%. It’s a wild ride out there!

So, get ready to groove with Ethereum’s NFT party, keep an eye on those fees, and hold tight as the price adventure continues. Ethereum is making waves in the crypto world, bringing excitement, creativity, and some occasional bumps along the way.

ETH/USD Price Chart – Source: Tradingview

ETH/USD – Technical Analysis

On the 24-hour dancefloor, Ethereum has reached a make-or-break moment, completing a groovy 50% Fibonacci retracement around the $1760 zone. This level has transformed into a formidable triple-top pattern, becoming a major hurdle for Ethereum’s upward groove.

The arrival of an inverted hammer candlestick at $1760 adds a bearish twist, signaling a weakening of buying pressure and the potential rise of dominant sellers.

Amidst the dancefloor, Ethereum is showing off some mixed moves with the appearance of doji and spinning top candles. These funky patterns reflect investor indecision and uncertainty, as both the bulls and the bears battle it out for control.

This cautionary vibe adds to the groovy sentiment surrounding Ethereum’s price sway. When it comes to the technical groove, Ethereum is likely to sway further downward, especially if it struggles to break convincingly above the $1760 level.

The next spot for potential support can be found around $1690, where eager buyers might bust out their moves to stabilize the price and regain control.

In a nutshell, keep your eyes locked on the $1767 level, as it holds the power to dictate Ethereum’s next moves on the dancefloor.