Categories: Crypto NewsNews

Ethereum increases by 10% in 24 hours

Published by
Nonhlanhla P Dube

Ethereum (ETH) has risen almost 10% in the last 24 hours to R18.9K, after briefly dropping below R16K.

The world’s second-largest cryptocurrency has made a strong recovery in a short period of time, with buying activity boosting prices during the US market holiday.

Can ETH keep this up? Or is it just for the time being?

Concerns about a U.S. economic downturn, as well as a series of crypto bankruptcy, have damaged the cryptocurrency this year.

ETH/USD changed between R17.8K and R19K in the last 24 hours, indicating strong volatility. The pair’s trading volume has increased by 32% to R254 billion, while the overall market value fluctuates at R2 trillion. Ethereum (ETH) has broken through the R16K resistance level.
The ETH price has been slowly reversing from the previous major drop down to around R16K seven days ago. Following several days of stability, the ETH/USD pair continued to rise and broke through the previous resistance level of R18K.

On Tuesday, only brief breaks preceded each succeeding upward push throughout the day. The next level of resistance at R19.5K was already breached overnight, indicating that bullish energy is currently strong and that the intermediate-term pricing mechanism may soon begin to see green again.

The cryptocurrency markets were usually calm during the weekend and on July 4, which was a holiday for US financial markets due to Independence Day.

On June 30, ETH went below the psychological R16K mark, but bears were unable to profit from the drop. This suggests that bulls are buying dips.

The bulls will now try to push ETH over the 20-day Exponential Moving Average (R19.8K) in order to grab control. If they do, the ETH/USDT exchange rate might reach R1.2K and then the 50-day Simple Moving Average (R25.5K).

To mark an uptrend, ETH must rise above R28K

This level has the potential to be a significant barrier once more. The bulls must push the price above R28K to signal the start of a new upswing.

According to Santiment’s on-chain analytics data, once ETH fell to around R16K, the number of tokens going into exchanges increased gradually.

The supply of ETH on exchanges has reached its highest level in six months, indicating significant token dumps. Its exchange congestion also indicates that a significant price rebound is unlikely.

The ETH price analysis for today is favourable, with market analysts observing a major higher high at R19.5K and a minor retreat on Wednesday.

This suggests that a strong higher high and a higher low have been created, and the bulls are poised for another aggressive advance higher during the next week. The R20.7K resistance level will most likely be the next target.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
Tags: Ethereum
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