Ethereum (ETH) Gains Ground Above $2,000

It’s Monday and the trading week is well underway. The early stories worthy of note are whipsaw market conditions in U.S. equities and a bit of strength from cryptos. Through the early week, Bitcoin BTC (+5%), Ethereum ETH (+14%), and Litecoin LTC (+6%) are on the march north. Ether is by far the biggest mover and shaker, gaining a foothold above $2,000.

On the crypto news front, the weekend was quiet. Not much made headlines other than buzz over the June bear market for most major coins. For now, it looks like the dog days of summer have set in and investors are taking a breather before jumping back into the market.

However, late last week, grumblings from the U.K. about the operational integrity of Binance grew louder. The Financial Conduct Authority (FCA) issued a statement that said the crypto exchange Binance isn’t allowed to operate in the U.K. No regulatory actions have been taken, but the FCA’s stance comes on the heels of China and South Africa cracking down on all banking transactions related to the industry. This situation is fluid and all we can do is stay tuned.

At this point, nothing seems to be stopping the ETH rally. Prices are up; for Ether fans, there’s reason for optimism.

Ethereum ETH Breaks Back Above $2,000

Sometimes, the most important technical indicators are the simplest. For ETH, $2,000 is the key area driving two-way action.

Overview: If you’ve been in the crypto markets for the past month, then you know how fickle the environment appears to be. For the moment, I have a neutral stance toward Ether. As long as bidders are present above $2,000, then there’s reason to believe the June bear market may be over.

ABOUT THE AUTHOR See More

Shain Vernier

US Analyst

Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.

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