Ethereum Gained 10% In One Day But It Is Set To Rally Further?
Ethereum gained 10% in one day and reached a price level of $1155 after coming close to falling back under $1000 but will the coin be able to rally further? Let’s find out in our Ethereum latest news.
The world’s second-biggest crypto – Ethereum gained 10% and experienced a robust comeback in a short span of time and the buying activity over the US market holiday happened to bolster the prices. But can ETH sustain this rally? This year, the concerns about a US economy crash and a slew of crypto bankruptcy harmed the altcoin severely.
In the past 24 hours, the ETH/USD pair fluctuated between $1086 and $1165 which shows high volatility. The trading volume for the pair climbed by 32% while the entire market cap moved between $132 billion. Since the previous swing down to $1000 a week ago, the ETH price was reversing slowly and after a few days of stability, the pair continued to advance and blew through the resistance of $1100.
ETH total market cap at $136 billion on the daily chart Source TradingView.com
Smaller pauses on Tuesday preceded and made an upward push over the day. Overnight, the next level of resistance was at $1175 which was already breached and suggested that bullish energy is now strong and that the intermediate-term pricing mechansim could start turning green once again. The crypto markets were rather calm over the weekend during the celebratory 4th of July. ETH fell below the $1000 barrier but the bears were unable to capitalize on the pullback which indicates that the bulls are buying the dips.
The bulls will try to push eTH over the 20-day exponential moving average and will try to seize control but if they do, the ETH/USD exchange rate could reach $1280 and to the 50-day Simple Moving Average. The level could serve as a formidable barrier again so to mark the start of the fresh uptrend, the bulls will have to drive the price to $1700. Santiment’s on-chain analytics data shows that ETH fell to $1000 with the number of tokens moving on exchanges growing. The ETH supply on exchanges is at its highest level in six months and only signals a widespread token dump. The congestion on exchanges signals that a major price recovery is not going to happen soon.
Today’s ETH price analysis is also positive as the market analysts observed a huge high at $1175 after a brief retracement which indicates a stronger high can be established soon with the bulls being poised for another move higher over the week.
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