Ethereum (ETH) climbed about 10 percent in the past 24 hours to $1,155, after coming close to falling back under $1,000.<\/p>\n
The world\u2019s second-biggest\u00a0cryptocurrency has experienced a robust comeback in a short span of time, with buying activity over the U.S. market holiday bolstering prices.<\/p>\n
But, can ETH sustain this rally? Or, will it be for the time being.<\/p>\n
This year, concerns about a U.S. economic slump and a slew of crypto bankruptcy have harmed the altcoin.<\/p>\n
In the previous 24\u00a0hours, ETH\/USD fluctuated between $1,086 and $1,165, showing high volatility. The trading volume for the pair has climbed by 32 percent\u00a0to a total of $15.3\u00a0billion, while the entire market capitalization fluctuates about $132 billion.<\/p>\n
Suggested Reading | Bitcoin (BTC) Claws Back To $20,000, First Time In 5 Days <\/p>\n
Ethereum (ETH) Breaches $1,000 Resistance<\/p>\n
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.<\/p>\n
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\u00a0green again.<\/p>\n
The cryptocurrency markets were generally calm during the weekend and on July 4, a vacation for U.S. financial markets owing to Independence Day.<\/p>\n
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.<\/p>\n
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).<\/p>\n\n
ETH total market cap at $136 billion on the daily chart | Source: TradingView.com
\nETH Must Push Above $1,700 To Mark Uptrend<\/p>\n
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.<\/p>\n
Santiment\u2019s on-chain analytics data indicates that as ETH fell to roughly $1,000, the number of tokens moving into exchanges progressively grew.<\/p>\n
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.<\/p>\n
Today\u2019s ETH price analysis is positive, as market analysts observed a significant higher high at $1,175 and a brief retracement on Wednesday.<\/p>\n
This indicates that a strong higher high and higher low have been established, and bulls are poised for another aggressive\u00a0move higher throughout the coming week. Next objective will likely be the $1,250 resistance.<\/p>\n
Suggested Reading |\u00a0Ethereum (ETH) Hammered Down To $950 As Crypto Selloff Deepens<\/p>\n
Featured image from Somag News, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Ethereum (ETH) climbed about 10 percent in the past 24 hours to $1,155, after coming close to falling back under $1,000.<\/p>\n
The world\u2019s second-biggest\u00a0cryptocurrency has experienced a robust comeback in a short span of time, with buying activity over the U.S. market holiday bolstering prices.<\/p>\n
But, can ETH sustain this rally? Or, will it be for the time being.<\/p>\n
This year, concerns about a U.S. economic slump and a slew of crypto bankruptcy have harmed the altcoin.<\/p>\n
In the previous 24\u00a0hours, ETH\/USD fluctuated between $1,086 and $1,165, showing high volatility. The trading volume for the pair has climbed by 32 percent\u00a0to a total of $15.3\u00a0billion, while the entire market capitalization fluctuates about $132 billion.<\/p>\n
Suggested Reading | Bitcoin (BTC) Claws Back To $20,000, First Time In 5 Days <\/p>\n
Ethereum (ETH) Breaches $1,000 Resistance<\/p>\n
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.<\/p>\n
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\u00a0green again.<\/p>\n
The cryptocurrency markets were generally calm during the weekend and on July 4, a vacation for U.S. financial markets owing to Independence Day.<\/p>\n
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.<\/p>\n
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).<\/p>\n
ETH total market cap at $136 billion on the daily chart | Source: TradingView.com
\nETH Must Push Above $1,700 To Mark Uptrend<\/p>\n
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.<\/p>\n
Santiment\u2019s on-chain analytics data indicates that as ETH fell to roughly $1,000, the number of tokens moving into exchanges progressively grew.<\/p>\n
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.<\/p>\n
Today\u2019s ETH price analysis is positive, as market analysts observed a significant higher high at $1,175 and a brief retracement on Wednesday.<\/p>\n
This indicates that a strong higher high and higher low have been established, and bulls are poised for another aggressive\u00a0move higher throughout the coming week. Next objective will likely be the $1,250 resistance.<\/p>\n
Suggested Reading |\u00a0Ethereum (ETH) Hammered Down To $950 As Crypto Selloff Deepens<\/p>\n
Featured image from Somag News, chart from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-2809","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/2809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=2809"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/2809\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=2809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=2809"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=2809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}