Ethereum (ETH), which was close to falling below $1,000, climbed around 10 percent over the last 24 hours, to $1,155.
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.
Can ETH maintain this rally? But, it will be temporary.
The altcoin was hit hard by fears about the U.S. economy slump this year and numerous crypto bankruptcy filings.
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.
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Ethereum (ETH), reaches 1,000 Resistance
The ETH price reversed slowly after the significant drop to $1,000 7 days ago. The ETH/USD currency pair advanced for several days and broke through $1,100 resistance after a few days.
Each subsequent uptrend was preceded by only a handful of pauses on Tuesday. 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 crypto markets were calm over the weekend, and July 4 was a holiday for U.S. markets due to Independence Day.
ETH was below the psychological $1,000 threshold on June 30 but bears could not capitalize on this pullback. This means that bulls have begun to buy dips.
Now the bulls plan to move ETH higher than the Exponential Moving Average (20-day) ($1,192) in order to regain control. The ETH/USDT exchange rates could reach $1,280, and then the 50-day Simple Moving average ($1,535).
ETH Total Market Cap at $136 Billion on Daily Chart | Source: TradingView.com
To Mark Uptrend, Ethereum Must Reach Above $1700
The price could be a strong barrier again. For a new uptrend to begin, bulls need to push the price over $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.
The ETH supply is at its highest in six months on exchanges, signaling massive token dumps. This congestion signals that there is no major price recovery.
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 goal will probably be $1,250 resistance.
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Featured Image from Somag News. Chart by TradingView.com