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

Christian Encila

Last Updated: July 7, 2022 4:27 pm

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

Christian Encila is a journalist, editor, crypto analyst, and virtual assistant focused on storytelling, financial markets, and digital media. He blends strong writing skills with in-depth analysis, turning complex information into clear, accessible insights.

His writing began in college as a feature writer for his school publication, building research and storytelling skills. He later worked as an editor at a data engineering firm, gaining recognition for writing and discipline.

He expanded internationally in Canada and South Korea, then returned to the Philippines for a decade in a major newsroom. There he became a senior news writer and editor, simplifying complex topics for broad audiences.

He later moved into cryptocurrency journalism as a crypto analyst and market expert at NewsBTC, covering trends and blockchain developments. Alongside writing, he works as a Virtual Assistant supporting editorial operations, workflows, and coordination tasks.

Outside work, he enjoys motorbikes, riding a Yamaha R3, preferring relaxed coastal rides. He spends time with two cats and a dog, and unwinds with coffee, Filipino food, and occasional rum while watching comedy films.

His career blends journalism, analysis, and support roles, reflecting adaptability across media, markets, and digital content production in modern newsroom environments and remote work settings globally.

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