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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...

  • 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 Ethereum (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.

Continue reading on CoinQuora

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26-06-2022 00:06:58 (UTC+7)

EUR/USD

1.0554

+0.0031 (+0.29%)

Summary

Buy

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Buy (11)

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EUR/USD

1.0554

+0.0031 (+0.29%)

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Buy

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Buy (11)

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GBP/USD

1.2272

+0.0012 (+0.10%)

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↑ Sell

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USD/JPY

135.23

+0.29 (+0.22%)

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AUD/USD

0.6944

+0.0055 (+0.80%)

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USD/CAD

1.2891

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EUR/JPY

142.71

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1.0114

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21.130

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3.7365

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Crude Oil WTI Futures

107.06

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113.19

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6.173

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3,533.17

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Neutral

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S&P 500

3,911.74

+116.01 (+3.06%)

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13,118.13

+205.54 (+1.59%)

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FTSE 100

7,208.81

+188.36 (+2.68%)

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21,719.06

+445.19 (+2.09%)

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1,765.74

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8,244.10

+137.70 (+1.70%)

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Sell

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BASF SE NA O.N.

42.215

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57.79

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181.20

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Adidas AG

170.36

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5.966

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 EUR/USD1.0554Buy
 GBP/USD1.2272↑ Sell
 USD/JPY135.23↑ Buy
 AUD/USD0.6944↑ Sell
 USD/CAD1.2891↑ Sell
 EUR/JPY142.71↑ Buy
 EUR/CHF1.0114↑ Sell
 Gold1,828.10↑ Buy
 Silver21.130Neutral
 Copper3.7365Sell
 Crude Oil WTI107.06↑ Sell
 Brent Oil113.19↑ Sell
 Natural Gas6.173↑ Buy
 US Coffee C223.40↑ Buy
 Euro Stoxx 503,533.17Neutral
 S&P 5003,911.74↑ Buy
 DAX13,118.13↑ Sell
 FTSE 1007,208.81↑ Buy
 Hang Seng21,719.06↑ Buy
 Small Cap 20001,765.74↑ Buy
 IBEX 358,244.10Sell
 BASF42.215↑ Buy
 Bayer57.79↑ Sell
 Allianz181.20↑ Sell
 Adidas170.36↑ Sell
 Lufthansa5.966↑ Sell
 Siemens AG102.62↑ Buy
 Deutsche Bank AG8.919↑ Buy
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