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In this article, we will take a look at Ethereum. We can see that Cryptocurrencies formed a major low back in April 2025 and have been rallying since then. Some have rallied more than others and we see Bitcoin even made a new all time high already. ETHUSD, on the other hand, has not yet made a new high above it’s December 2024 peak but it has nearly doubled since forming a low back on April 7, 2025 rallying from $1385 to $2789. It is currently trading at $2674 and is attempting to break above the earlier peak of $2789. Today, we will take a look at the structure of the rally from April 7, 2025 low and try to determine the next move in the cryptocurrency.

Ethereum (ETHUSD) 8 Hour Elliott Wave Chart June 10, 2025

Above chart shows current rally is clearly impulsive with clear separation and extension in wave 3. Wave (1) ended at $1687.2, wave (2) completed at $1473. Wave 1 of 3 completed at $1873.2 wave 2 of (3) completed at $1753.2, this followed by a strong rally in wave 3 which ended at $2606.5, this was followed by an irregular wave 4 which ended at $2407.5 and then a new high in wave 5 to $2738.9 which completed wave (3) of the on-going impulse Elliott wave structure. Then, we saw a 3 waves pull back in wave (4) which was expected to complete between $2387.5 – $2224.6 which was 100 – 161.8 fib extension area of wave A related to wave B. Wave (4) competed at $2325 and the rally resumed in wave (5). We have already seen a new high above wave (3) peak but the new high was in 3 waves which is part of a corrective sequence. Since wave (5) should be an impulse so it can’t have a corrective sequence. We considered the possibility of a FLAT in wave (4) but the decline was also left in 3 waves and Ethereum rally is getting closer to the previous peak due to which we are considering the possibility of an Ending diagonal structure in wave (5) when we are currently in wave 3 of (5). 100 – 161.8 fibonacci extension area of wave 1 related to wave 2 comes between $2850 – $3141 from where we can see a pull back in wave 4 followed by another 3 swings higher to complete the ending diagonal wave (5) and impulsive rally from April 7, 2025 low. Afterwards, expect a larger 3 waves pull back to correct the cycle from April 7, 2025 low before the rally resumes.

USD/JPY ranges within daily cloud (144.43/145.59) also between daily Tenkan and Kijun-sen lines, with Kijun-sen (145.38) capping the action today.

Near term technical structure is slightly bullishly aligned, with growing positive momentum and repeated close above Tenkan-sen supporting the notion.

On the other hand, overbought stochastic might be limiting factor that partially offsets positive signals.

Sideways near-term mode to be expected as long as price holds within the cloud, as strong downside rejection on Monday and upside rejection today supports scenario.

Firmer direction signals to be expected on clear break of either boundary of daily cloud, with dollar being underpinned by optimism on US China trade talks, though support was so far insufficient for stronger movements.

Markets await release of US inflation data this week, to get more clues about Fed’s action in the near future.

Signals that Bank of Japan will keep its monetary policy unchanged in the meeting next week, could be initial negative signal for yen.

Sustained break below cloud base / daily Tenkan to weaken near term structure and risk test of supports at 143.65/00 and 142.40 on stronger acceleration.

Conversely, firm break of cloud top to generate bullish signal and expose targets at 146.15/38 (Fibo 61.8% of 148.64/142.11 / May 29 spike high).

Res: 145.29; 145.59; 146.15; 146.38.
Sup: 144.33; 143.65; 143.00; 142.40.

The price of gold declined to 3,307 USD per troy ounce on Tuesday as investor appetite for risk increased amid growing optimism over a potential de-escalation in US-China trade tensions.

Trade optimism weakens demand for safe-haven assets

The improvement in market sentiment stems from the high-level trade talks between the US and China, which began in London on Monday and continue today. Both sides are working to stabilise a fragile truce, with discussions now extending beyond tariffs to include strategic materials such as rare earth elements.

US Treasury Secretary Scott Bessent described Monday’s session as “a good meeting”, while Commerce Secretary Howard Lutnick called the talks “fruitful”. These positive signals are fuelling hopes for a normalisation of relations between the world’s two largest economies, thereby reducing the appeal of defensive assets like gold.

Investors are also closely watching upcoming US inflation reports, which will include both consumer and producer price indices. These data points could provide crucial insight into the Federal Reserve’s future monetary policy stance.

Meanwhile, a survey by the Federal Reserve Bank of New York, released on Monday, showed that Americans’ inflation expectations declined in May while confidence in personal finances improved, adding to the overall risk-on sentiment.

Technical analysis of XAU/USD

On the H4 chart, XAU/USD is developing a corrective structure targeting 3,263 USD. Once this correction is complete, a new upward wave towards 3,419 USD is expected. The MACD indicator supports this view, with its signal line positioned below zero and pointing sharply downwards, indicating a short-term bearish phase within a broader bullish setup.

On the H1 chart, the market formed a consolidation range around 3,331 USD, then broke downwards, reaching the local target at 3,294 USD. A subsequent correction to 3,333 USD has now been fulfilled. Today, the development of a fifth-wave structure is anticipated to reach 3,263 USD. Following this move, gold is expected to resume its growth towards 3,419 USD. The Stochastic oscillator confirms the current outlook, with its signal line below 50 and heading sharply towards 20, signalling continued downward momentum in the short term.

Conclusion

Gold remains under pressure as improving geopolitical sentiment and a better economic outlook dampen demand for safe-haven assets. Near-term technicals indicate further downside towards 3,263 USD, followed by a potential bullish reversal targeting 3,419 USD. Key drivers in the coming sessions will include US inflation data and progress in the US-China trade negotiations.

Investor sentiment in the Eurozone turned notably upbeat in June, as Sentix Investor Confidence index climbed from -8.1 to +0.2—its first positive reading since June 2024 and well above expectations of -6. Current Situation Index also improved markedly from -19.3 to -13.0, while Expectations Index jumped from 3.8 to 14.3.

Germany led the improvement, with its overall Sentix index rising to -5.9, the highest since March 2022. Expectations climbed by 12 points to 17.5, while current conditions advanced for the fourth consecutive month to -26.8.

According to Sentix, fears of a recession triggered by the US tariff shock in April have largely dissipated, and the economic outlook for the Eurozone is now tilted toward a cyclical upswing.

With economic momentum building and the Sentix inflation barometer showing signs of easing price pressures, ECB may view its policy as being in a “comfort zone.” While another rate cut isn’t off the table, any such move could be delayed if the upswing continues to solidify over the summer.

Full Eurozone Sentix release here.

Today saw the release of new data on the UK labour market.

According to official statistics, the number of payrolled employees in the UK fell by 55,000 (0.2%) between March and April 2025. Over the broader period from February to April 2025, the number declined by 78,000 (0.3%).

In response to the drop in employment, the UK’s FTSE 100 index (UK 100 on FXOpen) jumped sharply, rising close to the 8,900 mark — near its all-time high reached in early March this year.

Market participants likely interpreted the weakening labour market as an additional argument in favour of interest rate cuts by the Bank of England. Such a move would be seen as supportive of the economy and a bullish factor for equities.
Technical Analysis of the FTSE 100 (UK 100 on FXOpen)

From a technical perspective:

→ The FTSE 100 continues to trade within an ascending channel (shown in blue);

→ Today’s bullish momentum broke through the resistance line from below — a level that had previously capped the upward movement within the channel.

If the bulls can maintain the price above the 8,860 level, the likelihood increases for a continued uptrend and a potential new all-time high for the FTSE 100 index.

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In our analysis of Brent crude oil six days ago, we identified a large contracting triangle and a local ascending channel. We also outlined a potential scenario involving a bullish breakout above the upper boundary of the triangle.

Although this was not the base-case scenario, the XBR/USD chart now suggests it has played out: yesterday, the price climbed to nearly $67 per barrel — its highest level since the end of April.

The main bullish catalyst appears to be ongoing trade talks between the United States and China, which have raised hopes of a resolution to tariff-related tensions between the world’s two largest economies.

At the same time, rising oil prices may exacerbate geopolitical tensions, particularly amid Israeli threats to strike ports in Yemen — a risk that could disrupt supply chains across the Middle East.

Technical Analysis of the XBR/USD Chart

From a technical perspective:

→ Brent crude continues to move within an ascending channel (marked in blue);

→ the upper boundary may now act as a support level.

The fact that the price is holding in the upper half of the channel indicates strong demand-side pressure. Based on this, it is reasonable to assume that as long as Brent remains above the $65.75 level (the retest zone of the breakout), the technical outlook will remain predominantly bullish.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Daily Pivots: (S1) 195.56; (P) 195.86; (R1) 196.26; More...

GBP/JPY edged higher to 196.42 but reversed from there. Corrective pattern from 196.38 is extending with another falling leg and intraday bias remains neutral. Further rise is in favor as long as 191.86 support holds. Firm break of 196.38 will resume whole rally from 184.35 to 199.79 resistance, and possibly further to 100% projection of 180.00 to 199.79 from 184.35 at 204.14.

In the bigger picture, price actions from 208.09 are seen as a correction to rally from 123.94 (2020 low). Strong support should be seen from 38.2% retracement of 123.94 to 208.09 at 175.94 to contain downside. However, sustained break of 175.94 will bring deeper fall even still as a correction.

Daily Pivots: (S1) 164.73; (P) 164.97; (R1) 165.40; More...

Intraday bias in EUR/JPY stays mildly on the upside. Current rise from 154.77 would target 166.67 resistance, and possibly further to 61.8% retracement of 175.41 to 154.77 at 167.38. On the downside, below 164.53 minor support will turn intraday bias neutral again first.

In the bigger picture, price actions from 175.41 are seen as correction to up trend from 114.42 (2020 low). Strong support should be seen from 38.2% retracement of 114.42 to 175.41 at 152.11 to contain downside. However, sustained break of 152.11 will bring deeper fall even still as a correction.

Daily Pivots: (S1) 0.8419; (P) 0.8424; (R1) 0.8433; More...

Intraday bias in EUR/GBP remains neutral and outlook is unchanged. On the upside, above 0.8448 will bring stronger rebound to 38.2% retracement of 0.8737 to 0.8354 at 0.8500. On the downside, below 0.8401 will bring retest of 0.8354 low.

In the bigger picture, price actions from 0.8221 medium term bottom are merely forming a corrective pattern. Nevertheless, there is no clear momentum to break through 0.8201 key support (2022 low) yet. Hence, range trading is expected between 0.8221/8737 for now.

Daily Pivots: (S1) 1.7491; (P) 1.7525; (R1) 1.7557; More...

Intraday bias in EUR/AUD remains neutral for the moment. On the downside, firm break of 1.7460 support will suggest that recovery from 1.7245 has already completed at 1.7705, 38.2% retracement of 1.8554 to 1.7245 at 1.7745. Intraday bias will be back on the downside for 1.7245 first. Firm break there will resume whole decline from 1.8554. On the upside, sustained break of 1.7745 will target 61.8% retracement at 1.8054.

In the bigger picture, with 55 W MACD staying well below signal line, 1.8554 is likely a medium term top already. Price actions from there are seen as a corrective pattern only. While deeper pullback might be seen, downside should be contained by 38.2% retracement of 1.4281 (2022 low) to 1.8554 at 1.6922 to bring rebound. Up trend from 1.4281 is still expected to resume at a later stage.