Ethereum Gains 10% In 24 Hours


Ethereum (ETH) is up about 10 percent in the past 24 hours to $1,155, after getting close to dropping below $1,000.

The world’s second largest cryptocurrency saw a strong comeback in a short period of time, as buying activity during the US market holiday boosted prices.

But, can ETH sustain this high? Or it will be in the present.

This year, concerns about the US economic recession and a series of crypto bankruptcies have hurt the digital currency.

In the past 24 hours, the value of ETH/USD fluctuated between $1,086 and $1,165, which indicates high volatility. The pair’s trading volume increased by 32 percent to a total of $15.3 billion, while the entire market cap fluctuated around $132 billion.

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Ethereum (ETH) breaches $1,000 resistance

Since the previous big swing lower at $1,000 seven days ago, the price of Ethereum has been slowly reversing. After several days of stabilization, the ETH/USD pair continued to advance and breached the previous resistance at $1,100.

On Tuesday, only small stops preceded each subsequent bullish impulse throughout the day. The next resistance level at $1,175 has already been breached overnight, which indicates that bullish energy is currently strong and that the medium-term pricing mechanism may start to see green again soon.

Cryptocurrency markets were generally quiet over the weekend and on July 4, a holiday for US financial markets due to Independence Day.

ETH fell below the psychological $1,000 mark on June 30, but the bears were unable to capitalize on the decline. This indicates that the bulls are buying the dips.

Now, the bulls will try to push ETH above the 20-day exponential moving average ($1,192) and take control. If they did, the ETH/USDT exchange rate could reach $1,280 and thus the 50-day simple moving average ($1,535).

ETH total market cap at $136 billion on the daily chart | Source: TradingView.com

ETH must pay above $1,700 to determine the upside

This level could be a formidable barrier again. To signal the start of a new uptrend, the bulls should push the price above $1,700.

Santiment’s on-chain analytics data indicates that with ETH dropping to around $1,000, the number of coins moving to exchanges has gradually grown.

The supply of ETH on the exchanges has reached its highest level in six months, which indicates a massive token dump. Their congestion in the exchanges also indicates that a significant price recovery is unlikely.

Today’s ETH price analysis is positive, as market analysts noted a significant rise at $1,175 and a brief decline on Wednesday.

This indicates that a strong top and a higher bottom has been formed, and that the bulls are preparing for another strong move higher over the next week. The next target is likely to be the $1250 resistance.

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Featured image from Somag News, chart from TradingView.com



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