Ethereum Needs To Breach This Level To Sustain Bullish Pace

Christian Encila

Last Updated: June 30, 2022 12:21 pm

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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

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.

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.