Ethereum Gains 10% In 24 Hours – Is ETH Set To Rally Further?

Christian Encila

3 years ago

2 mins read

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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.

Featured image from Somag News, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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