Ethereum (ETH) Shifts To High Gear – Crosshair Locked At $1,250?

Christian Encila

3 years ago

2 mins read

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The price of Ethereum (ETH) has continued to trade upwards over the past several days, following a dramatic reversal from the previous low near $1,000 during the last seven days.

Wednesday saw the ETH/USD pair surge to the $1,175 barrier level, recording a clear higher high. As of this writing on Thursday, ETH was trading at $1,218 — an increase of 10.6 percent over the previous week, according to data from Coingecko.

The announcement that Ethereum developers successfully executed The Merge on the Sepolia testnet boosted the price of Ether by 5 percent over the past 24 hours, data show.

Suggested Reading | Sandbox (SAND) Having A Blast With 12% Spike In 24 Hours

Ethereum Gets Some Energy From The Merge

The Merge will facilitate the transition of the Ethereum network to the Proof-of-Stake (PoS) network. Proof-of-stake protocols are a type of consensus mechanism for blockchains that pick validators proportionally to their holdings of the corresponding cryptocurrency. This is performed in order to circumvent the computational expense of proof-of-work techniques.

The second-largest cryptocurrency in the world was subject to intense selling pressure earlier this week. Since early April, the bears have dominated the market fully.

The support at $1,000 has prevented additional Ethereum price declines over the past week. The question now is whether a short-term ascent is possible or not.

In recent months, Ethereum (ETH) and the broader cryptocurrency market have functioned in an environment marked by significant inflation, with the United States Federal Reserve taking steps to implement high interest rates.

ETH total market cap at $146 billion on the daily chart | Source: TradingView.com

Ethereum Next Target: $1,250

As fears of an economic downturn have intensified, riskier assets such as Ethereum have been badly affected, with ETH temporarily dipping below the $1,000 support zone just last month.

Thursday’s Ethereum price analysis is bullish, as money managers anticipate additional gains after consolidation ended and a break above $1,175 occurred. Hence, the ETH/USD pair is anticipated to continue climbing and approach the $1,250 resistance level.

Despite Ethereum’s significant price fall since the beginning of the year, the CoinMarketCap community forecasts that the decentralized currency will trade at an average price of $2,529 on July 31, 2022.

Meanwhile, today’s Ethereum price analysis is positive, as overnight gains above the resistance at $1,175 were sustained. Consequently, ETH/USD will likely continue its ascent and aim for the $1,250 resistance. If this level is breached, we anticipate a highly bullish remainder for July.

Featured image from Mashable, 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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.