Thursday’s downside move on the ETH/USD pair dampened bullish Ethereum price prediction bets. On June 6, the report that Swedish bank Sygnum was opening staking pools on Ethereum had briefly spurred demand for the number 2 crypto. However, a new round of selling crept into the market on Thursday, leading to the ETH/USD pair being offered.
The recent regulatory onslaught on cryptocurrencies has not deterred Goldman Sachs from retaining its bullish outlook on Ethereum. The bank predicts that Ethereum will surpass Bitcoin in market capitalization, calling it the cryptocurrency with the highest real use potential.
Recently, it was reported in several media that the number of addresses on the Ethereum blockchain had surpassed those of Bitcoin for the first time. But for the moment, Ethereum bulls would need to see fresh demand to stay above the $2,000 mark. Ethereum is down 6.89% as of writing as the crypto market endures a day of moderate selling.
Technical Levels to Watch
The bullish Ethereum price prediction bets that came up following Sygnum’s staking play appear to have waned at the moment, following Thursday’s huge decline. However, the daily candle has found support at the 2143.44 price mark. A bounce off this support targets 2439.10 (14 April high), but only a price break above this level continues the recovery move and makes 2634.94 and 2901.03 available for buyers as potential targets.
On the flip side, a breakdown of 2143.44 dampens hopes of a recovery and clears the pathway towards 2047.27 and 1935.79. If the decline is more extensive, 1844.20 and 1737.45 (23 May and 22 June lows) could come into the picture as potential