Market Analysis: Ethereum is expected to challenge the $2700 high, ZKJ big dump triggers mass liquidation

1. Market Observation

The Federal Reserve is about to release its interest rate decision, and the market is closely watching the chair's speech for policy direction. Despite a slowdown in job growth, the unemployment rate has remained stable for three consecutive months. The core inflation rate in May has been below expectations for four months in a row, and the yield on two-year Treasury bonds has decreased. Some officials are open to the idea of a rate cut, but the number of cuts may be reduced. The market will focus on the new round of economic forecasts.

In the global wave of digitalization, the integration of traditional industries with Web3 and AI technologies is reshaping the business landscape. Companies are seizing opportunities by laying out decentralized AI and blockchain technologies, but they must also be cautious of asset price fluctuations and regulatory risks.

Bitcoin fluctuated over the weekend, with technical indicators showing it operating above critical levels. If it breaks through specific moving averages and maintains its position, it may test higher price levels in the short term. Despite increased volatility, the overall upward trend remains solid. Analysts point out that $105,000 is a key resistance level, and if it fails to hold, a pullback to $100,000 could occur. There are also views suggesting that a "reverse head and shoulders pattern" is forming, with targets possibly exceeding $140,000 after a breakout. Historical data shows that after a significant rise in oil prices, Bitcoin may experience a 16% to 24% increase.

Ethereum experienced a pullback last week, resulting in significant losses for many traders. However, institutional investors continue to accumulate, with a large asset management firm purchasing $570 million in ETH within two weeks. The technical aspect is testing a key support range, and if validated, a rebound to a higher range may occur. The supply of ETH on exchanges has dropped to an eight-year low, which could drive prices up. The market anticipates a potential breakthrough of $4000 by the end of the year, with some institutions even optimistic about a short-term target of $5400.

On a certain trading platform, ZKJ and KOGE experienced a big dump, triggering panic selling and liquidity exhaustion in the market. In the past 24 hours, the total liquidation amount across the network reached $240 million, with ZKJ contributing $102 million. The trading volume on the platform has continued to decline, falling approximately 51% from its peak.

At the same time, the Solana ecosystem may benefit from the big dump of the aforementioned tokens and the approaching ETF, showing strong performance, with SOL and several ecosystem projects experiencing an increase. A certain community token will be launched soon, and the current over-the-counter trading price by institutions is $0.1.

2. Key Data (As of June 16, 12:00)

• Bitcoin: $106,412 (Year-to-date +13.94%), Daily trading volume $25.206 billion
• Ethereum: $2,576.40 (Year-to-date -22.25%), Daily trading volume $14.241 billion
• Fear and Greed Index: 50 (Neutral)
• Average GAS: BTC 1.17 sat/vB, ETH 0.31 Gwei
• Market Share: BTC 63.8%, Ether 9.4%
• 24-hour BTC long-short ratio: 1.0305
• Sector rise and fall: SOL ecosystem up 8.6%; AI Meme up 6.2%
• 24-hour liquidation data: 68397 people were liquidated, with a total amount of 240 million USD.

3. ETF Flow (as of June 13)

• Bitcoin ETF: +$302 million
• Ethereum ETF: -$2.176 million (net inflow ended after 19 days)

4. Today's Outlook

• A certain trading platform will stop supporting deposits and withdrawals of FIS and MDT tokens through the BNB Chain.
• The U.S. Senate will conduct a final vote on the stablecoin GENIUS bill.
• Starknet: The v2 version of STRK staking will be launched on the mainnet.
• Multiple tokens will be unlocked, including ARB, ZK, and APE.

5. Hot News

• Vietnam plans to legalize cryptocurrency through a digital technology bill, which is expected to take effect on January 1st next year.
• A large exchange adjusts its point system to cope with the volatile fluctuations of tokens.
• A certain company invested $463 million to acquire 176,271 Ether, becoming the largest publicly listed holder of coins.
• Cardano founder proposed to exchange 100 million ADA for BTC and stablecoins to revitalize DeFi
• Many tech giants are targeting the stablecoin market and have begun related deployments.