Ethereum Poised to Reach Over $300 by the End of June
Ethereum (ETH), as of June 1, went up 255 in the previous week alone. At the same time, the cryptocurrency showed a sharp correction on Tuesday morning, wiping out the gains seen on Monday.
Bitcoin (BTC) declined $1,500 in three minutes on BitMEX. Then, other cryptocurrencies like ETH experienced losses in their markets. The said fall took the wind out of the cryptocurrency market’s proverbial sails.
Prominent technical analyst known for making the indicator Bollinger Bands, John Bollinger, stated that Bitcoin investors need to be cautious at current prices. He said, “The is a Head Fake at the upper Bollinger Band for $btcusd, time to be cautious or short.”
Even with that, several people remain optimistic about cryptocurrencies, Ethereum especially.
Still Bullish
Aside from that, ETH is primed to fall towards the low $200s following the recent correction. However, it is still on track to reach $300 by the end of June, based on a top analyst.
The analyst in question shared a chart displaying that Ethereum lately showed a textbook break out of a symmetrical triangle. This indicates that the trend remains positive.
The analyst noted, “As I don’t believe this dip is the end of all crypto, I’m patiently waiting to long low $200 $ETH into $300 by the end of the month.”
One more trader shares the optimism, saying that this does not look too bad. And it would be good if they see a retest of the $220 level before they continue higher as they have not even validated it as support. Despite the recent harsh selloff, the structure is still looking as bullish for now.
Bullish for ETH
Moreover, there is a confluence of fundamentals corroborating the broad bullish sentiment investors have about Ethereum.
According to NewsBTC previously, Defipulse.com revealed that there is now more than $900 million worth of assets locked in DeFi applications. It is a trend showing that DeFi is developing, so should ETH.
MakerDAO, the founder of the Ethereum-based app, explained, “4 million Dai was just minted with WBTC in s single transaction.”
As a result, it showcases the latent demand for non-ETH assets. Also, it would be the start of a broader trend of DeFi playing as an economic vacuum that will eventually lure nearly all value to the Ethereum blockchain.
Bitcoin ATMs
Elsewhere, experts foresee that Bitcoin ATMs (BATMs) would experience stricter regulations around the globe. This is with countries including Canada and Germany, which already moves to tighten up anti-money laundering requirements.
In a report of CipherTrace on June 2, at least 74% of transactions made from U.S.-based Bitcoin ATMs were sent out of the country in 2019. Furthermore, the report found that 88% of funds sent from U.S. crypto ATMs to virtual currency exchanges were transferred overseas. Also, the figure has seen possible growth over recent years, doubling annually since 2017.
During an interview with Law360, CipherTrace CTO John Jeffries expected that Bitcoin ATMs would become a higher point of regulatory focus. And this highlights the need for more uniform regulatory enforcement and compliance, concerning crypto ATMs moving forward.
