Ethereum Needs To Breach This Level To Sustain Bullish Pace

Christian Encila

2 years ago

2 mins read

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Despite attempts by bears to drive prices down, Ethereum (ETH) managed to hold its head above water on Wednesday, topping $1,200 for the most of the session.

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.

The market has been dominated by bulls for the past few days. A 40 percent increase in 10 days can undoubtedly be read constructively, but it is essential to consider all possible outcomes.

According to the chart, ETH is currently trapped below the resistance zone on the daily time frame.

Ethereum Rally Seen If $1,500 Barrier Is Breached

This area, which extends from $1,300 to $1,500 (in red), was anticipated to provide substantial support during the severe decline early this month, but clearly failed to do so. Now, it serves as a solid barrier.

With this mechanism in place, a relief rally is likely to begin if buyers can push the price over the $1,500 horizontal barrier. Then, the possibility of staging a rally is revived.

Source: TradingView.com

In the coming months, Ethereum is anticipated to succeed. Numerous improvements on the Ethereum chain will catapult ETH out of its current slumber. Nevertheless, the efficacy will depend on the conduct of Ethereum holders in the coming weeks.

Next ETH Handle Could Be $1,730

In the next bear run, the price of ETH might fall to $750 if bears maintain their tight grip on the market. Consequently, if inflation keeps going up, the cryptocurrency may decline further. However, if the bulls take the driver’s seat, the next ETH handle will be $1,730.

Recent movement has pushed the price of Ether up by as much as 8 percent in the past week, resulting in the 10-day moving average displaying indications of potential higher gains.

ETH total market cap at $137.5 billion on the daily chart | Source: TradingView.com

If this short-term trend maintains its current course, market observers should notice a cross to the upside.

This may be the impetus that propels the price of the world’s second-biggest cryptocurrency back above $1,400.

The cryptocurrency market, which has recently mirrored the stock market, has fallen victim to the larger market sell-off of risky assets.

However, as a result of the advancements that the Ethereum team is implementing, especially Ethereum 2.0, the ETH price is anticipated to increase this year.

Featured image CoinMarketDo, 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.