Despite bears’ attempts to lower prices, Ethereum (ETH), which was trading at $1,200, managed to keep its head above the water.
Coingecko records indicate that as the time of writing, ETH is trading at $1,129.50, a decrease of 0.5% over the past week and still slightly down from the previous day’s high of $1,228.88.
Even though the ETH/USD pair fell to an intraday low of $1,170.23 during Tuesday’s session, bulls were able to keep prices above this area.
Since the beginning of this week, bulls have been dominating the market. While a 40% increase over 10 days could be considered constructive, it is important to evaluate all outcomes.
According to the chart, ETH remains below the daily resistance zone.
Ethereum Rally Seen If 1 500 Barrier Is Broken
The $1,300-$1,500 area (in red) was expected to be a significant support zone during the sharp decline in early February. However, it clearly did not. This area serves as a solid wall.
This mechanism is in place and a relief rally could begin, provided buyers push the price higher than the $1500 horizontal barrier. This allows for the revival of the idea of staging an rally.
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Ethereum’s future success is expected to be in the months ahead. Many improvements to the Ethereum blockchain will propel ETH from its present slumber. However, the effectiveness of ETH will be dependent on how Ethereum holders behave in the next weeks.
The Next ETH Handle could be $1,730
If bears keep their grip on the market, the price for Ethereum could fall to $750 in the next bear run. The cryptocurrency could also fall further if inflation keeps rising. However, if the bulls take the driver’s seat, the next ETH handle will be $1,730.
The price of Ether has been moving up recently by 8 percent over the last week. This is reflected in the 10-day moving mean which shows indications that Ether could see higher gains.
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Market observers will notice an upside cross if this trend continues to be the current short-term.
This may be the impetus that propels the price of the world’s second-biggest cryptocurrency back above $1,400.
Recent changes in the cryptocurrency market have led to a reversal of the trend towards a stock market-like structure.
Due to the advances made by the Ethereum team, including Ethereum 2.0 and other developments, the ETH prices are expected to rise this year.
Featured Image CoinMarketDo chart, TradingView.com