Ethereum Likely to Surge if Bulls Clear the $1272 Resistance Level
- The price of ETH has hiked by 7.25% in the past 24 hours.
- The coin is expecting a further surge if bulls buy more ETH.
- This could result in ETH breaking its $1272 resistance level and then spiking.
The price of (ETH) shows an uptick following the surging crypto market. The global crypto market is $913.18 billion, with a 4.6% increase over the last day. As shown in CoinMarketCap, Ethereum hovers at $1,149.85, with a 7.25% hike in the past 24 hours.
Earlier, ETH blew its support level of $1739.5 and continued plunging to $886 on June 18. This downswing is due to the global market crash. However, after June 18, the coin surged with meager price fluctuations and signaled trendline support. The current price of ETH also forms this trendline.
ETH/USDT-1-day Trading Chart (Source: TradingView)
More specifically, ETH is expected to have a good surge extending the trendline. For this, the coin must break its $1272 resistance level and move upward to tap at least $1667 or $1540. These are the prices that the coin registered on June 11 and 12 respectively.
Although ETH is forming the uptrend, it might take time to get back to last week’s prices. This is because the coin is slowly and gradually forming the uptrend in accordance with the crypto market.
Speaking of the $1272 resistance level, if bulls/buyers start buying ETH in more numbers, the coin is expected to rally in the way mentioned above. If the buying power increases suddenly, then the ETH price would, in contrast, go higher.
Apart from the two recent price crashes, ETH has been in a downtrend since April 5, 2022. The degree of this trend angle is -25, which is another clear indication that the coin is in a down surge. The relative strength index (RSI) of Ethereum is 31.04 indicating that the coin is oversold. But, since the coin has just surpassed the 30 RSI level, it shows a bullish trend, and traders may buy the coin in huge numbers.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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