Global Market Highlight
U.S. job openings declined more than anticipated in April, reducing the number of available jobs per jobseeker. According to the Job Openings and Labor Turnover Survey (JOLTS) released by the Labor Department's Bureau of Labor Statistics, job openings fell by 296,000 to 8.059 million at the end of April, marking the lowest level since February 2021. This softening in labor market conditions could support the Federal Reserve's efforts to combat inflation.
Crude inventories rose by 1.2 million barrels to 455.9 million barrels in the week ended May 31. The number of unemployment claims last week rose to a four-week high of 229,000 but there was little sign of rising layoffs. The unemployment rate rose to 4% from 3.9% the month prior. According to the CME FedWatch Tool, there's a 50% chance of an interest rate cut in September.
Bitcoin Price Analysis
From June 3rd, 2024, Bitcoin (BTC) against Tether (USDT) has exhibited relative stability, trading between approximately $67,700 and $71,500. The support level near $67,300 has established its importance as a price floor, while the resistance around $71,500 has constrained upward movement. Recent price action displays a mix of green and red candlesticks, signifying market indecision. The broader trend since mid-May has been upward, with Bitcoin recovering from a dip below $60,000 to its current levels, though this upward momentum has slowed in recent days.
Considering the present market scenario, BTC/USDT is at a pivotal point. The price shows a potential break past the $71,500 resistance.
Ethereum Price Analysis
From June 3rd, 2024, the price of Ethereum (ETH) against Tether (USDT) has shown consolidation, with fluctuations between approximately $3,685 and $3,865. The support level near $3,685 has been frequently tested, marking it as a crucial price floor, while the resistance around $3,900 has restricted upward movements. Recent price action has exhibited both green and red candlesticks, indicating market indecision. The trend since mid-May has been upward, with a significant rally propelling prices from around $3,200 to the current levels, although this upward momentum has moderated in the past few days.
Considering the present market conditions, ETH/USDT is at a pivotal point. If the price does not remain above the $3,685 support level, a potential drop towards the next support zone around $3,400 could occur, driven by increased selling pressure. Alternatively, if the price can stay above $3,685 and break past the $3,900 resistance, we might see a bounce towards the next significant resistance around $4,065.
Solana Price Analysis
Since June 3rd, 2024, the price of Solana (SOL) against Tether (USDT) has fluctuated between approximately $175 and $160. The support level around $160 has been tested multiple times, suggesting it is a significant price floor, while the resistance around $165 has capped upward movements. The recent price action shows a series of red candlesticks, indicating selling pressure and a bearish sentiment in the short term. The overall trend from mid-May has been downward after failing to maintain levels above $180, but the price has found some stability around $160 in recent days.
Given the current market conditions, SOL/USDT is at a crucial juncture. If the price fails to hold above the $160 support level, it could break down towards the next support zone around $133, driven by increased selling pressure. Conversely, if the price manages to sustain above $160 and break through the $175 resistance, it may target the next significant resistance around $200.
Disclaimer
This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.
