Crypto Industry News:
According to the latest CCData Stablecoins & CBDCs data, stablecoin market capitalization fell by -0.57% to $128 billion in June. This is the lowest result since September 2021.
The numbers represent another month of corrections in the stablecoin market. Despite the decline in overall value, market dominance rose to 11.8% from 11.0% in May. This is now below the all-time high of 16.6% recorded in December 2022.
Stablecoin trading volumes fell -10% to $414bn in May, which is the lowest monthly trading volume on CEX exchanges since December 2022. The drop in volume was as key crypto assets remained limited and failed to break major support and resistance levels
Tether (USDT), the top stablecoin, saw its trading volume fall by -29.9% to $293 billion in May. This was the lowest USDT trading volume since January 2020, and at the same time it is the second consecutive month of volume decline.
In June, USDT's capitalization rose 0.03% to $83.2 billion after temporarily surpassing the previous all-time high of $83.3 billion.
On June 15, the stablecoin briefly fell to $0.9878. The temporary correction was caused by a significant sale of assets, which resulted in the weight of USDT in the pool exceeding 70%, outperforming other stablecoins.
Compared to stablecoin trading pairs, fiat pairs' market share fell to 18.8% in June after fiat pairs trading volume fell 33.9% to $99.7 billion. Fiat trading pairs are plummeting as a result of the challenges exchanges face with their banking partners.
Technical Market Outlook:
The ETH/USD pair hit the key technical resistance located at the level of $1,930 after a 19% rally from the last swing low and is currently starting a pull-back towards the level of $1,825. The intraday technical support is seen at the level of $1,863 and the intraday technical resistance is located at $1,911. The market conditions are still extremely overbought on the H4 time frame chart, so please keep an eye on this level as the pull-back can occur any time now.
Weekly Pivot Points:
WR3 - $1,747
WR2 - $1,733
WR1 - $1,724
Weekly Pivot - $1,719
WS1 - $1,713
WS2 - $1,704
WS3 - $1,690
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.