Stable coin Movements Back to May Highs

Stable-coin-Movements-Back-to-May-Highs

Daily stable coin transfer volume went up to ~$58 Billions Yesterday, which was only previously seen in May after the downward movement of ETH from $4.2xk to $2.5xk

volume of more than $22B seems to correlate with post downward movements of ETH, we can only hope this signals a bottom is near..

The bias for ETH is bearish. Unless the price reclaims $4,000 it is hard to be bullish here.

ETH lost a key support level and the sellers are dominating the price action. If the price cannot make a recovery soon, then this will only strengthen the bearish bias and push ETH to the next support levels at $3,750 and maybe even to $3,000 in the mid-longer term.