Ethereum (ETH) has risen about 10% to $ 1,155 in the last 24 hours after falling below $ 1,000.
The world’s second-largest cryptocurrency has made a solid comeback in a short period of time, with cross-holiday buying activity in the US market pushing up prices.
But can ETH maintain this rally? Or for the time being.
Concerns over the US economic downturn and the bankruptcy of numerous cryptocurrencies have hurt Altcoin this year.
Over the last 24 hours, ETH / USD has fluctuated between $ 1,086 and $ 1,165, showing high volatility. The trading volume of the pair increased by 32% to a total of $ 15.3 billion, but the market capitalization has fluctuated by about $ 132 billion.
Recommended Reading | Bitcoin (BTC) returns to $ 20,000 for the first time in 5 days
Ethereum (ETH) violates $ 1,000 resistance
ETH prices have been slowly reversing since the last sharp drop at $ 1,000 seven days ago. After a few days of stability, the ETH / USD pair continued to move forward, blowing off the previous resistance at $ 1,100.
On Tuesday, there was a slight pause throughout the day, before each subsequent upward push. Overnight, the next level of resistance at $ 1,175 has already been broken, suggesting that bullish energy is now strong and that the medium-term pricing mechanism could soon begin to turn green again. increase.
Cryptocurrency markets were generally calm on July 4, which is a US financial market vacation for weekends and Independence Day.
ETH broke the psychological $ 1,000 barrier on June 30, but bears were unable to take advantage of this pullback. This indicates that the bull is buying a dip.
Now the Bulls are trying to push ETH to a 20-day exponential moving average ($ 1,192) and take control. Then the ETH / USDT exchange rate can reach $ 1,280 and then a simple moving average ($ 1,535) for the next 50 days.
ETH total market cap at $136 billion on the daily chart | Source: TradingView.com
ETH needs to push over $ 1,700 to mark an uptrend
This level can once again serve as a formidable barrier. The Bulls need to raise prices above $ 1,700 to mark the beginning of a new uptrend.
Santiment’s on-chain analysis data shows that as ETH fell to around $ 1,000, the number of tokens transferred to the exchange gradually increased.
ETH supply on the exchange is at its highest level in 6 months, indicating that token dumps are widespread. Congestion on the exchange also indicates that the likelihood of a significant price recovery is low.
Today’s ETH price analysis is positive as market analysts observed significantly higher highs on Wednesday with a short retracement of $ 1,175.
This shows that strong highs and high lows have been established, and the bulls are ready to move even more aggressively throughout the next week. The next goal is probably $ 1,250 resistance.
Recommended Reading | Ethereum (ETH) was beaten up to $ 950 as cryptocurrencies sold deeper
Featured image from Somag News, chart from TradingView.com