Ethereum Gains 10% In 24 Hours – Is ETH Set To Rally Further?
July 06 2022 - 1:53AM
NEWSBTC
Ethereum (ETH) climbed about 10 percent in the past 24 hours to
$1,155, after coming close to falling back under $1,000. The
world’s second-biggest cryptocurrency has experienced a robust
comeback in a short span of time, with buying activity over the
U.S. market holiday bolstering prices. But, can ETH sustain this
rally? Or, will it be for the time being. This year, concerns about
a U.S. economic slump and a slew of crypto bankruptcy have harmed
the altcoin. In the previous 24 hours, ETH/USD fluctuated
between $1,086 and $1,165, showing high volatility. The trading
volume for the pair has climbed by 32 percent to a total of
$15.3 billion, while the entire market capitalization
fluctuates about $132 billion. Suggested Reading | Bitcoin (BTC)
Claws Back To $20,000, First Time In 5 Days Ethereum (ETH) Breaches
$1,000 Resistance Since the previous significant swing down at
$1,000 seven days ago, the ETH price has been reversing slowly.
After several days of stability, the ETH/USD pair continued to
advance and blew through the prior resistance at $1,100. On
Tuesday, only tiny pauses preceded each subsequent upward push
throughout the day. Overnight, the next level of resistance at
$1,175 was already breached, suggesting that bullish energy is
currently strong and that the intermediate-term pricing mechanism
may soon begin seeing green again. The cryptocurrency markets
were generally calm during the weekend and on July 4, a vacation
for U.S. financial markets owing to Independence Day. ETH fell
below the psychological $1,000 barrier on June 30, but bears were
unable to capitalize on this pullback. This indicates that bulls
are purchasing dips. Now, the bulls will attempt to push ETH over
the 20-day Exponential Moving Average ($1,192) and seize control.
If they do so, the ETH/USDT exchange rate might reach $1,280 and
subsequently the 50-day Simple Moving Average ($1,535). ETH total
market cap at $136 billion on the daily chart | Source:
TradingView.com ETH Must Push Above $1,700 To Mark Uptrend This
level could serve as a formidable barrier once more. To mark the
beginning of a fresh uptrend, the bulls must drive the price above
$1,700. Santiment’s on-chain analytics data indicates that as ETH
fell to roughly $1,000, the number of tokens moving into exchanges
progressively grew. ETH supply on exchanges is at its highest level
in six months, signaling widespread token dumps. Its congestion on
exchanges also signals that a major price recovery is unlikely.
Today’s ETH price analysis is positive, as market analysts observed
a significant higher high at $1,175 and a brief retracement on
Wednesday. This indicates that a strong higher high and higher low
have been established, and bulls are poised for another
aggressive move higher throughout the coming week. Next
objective will likely be the $1,250 resistance. Suggested Reading
| Ethereum (ETH) Hammered Down To $950 As Crypto Selloff
Deepens Featured image from Somag News, chart from TradingView.com
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