On July 4, the Ethereum (ETH) price experienced a mild rebound to $1,120. This being said, ETH is steadily making its way back into exchanges and is very close to breaking some 2022 highs.
Ethereum supply on exchanges (Source: Santiment)
However, it is important to remember that the risk of a selloff rises as coins are rising on exchange wallets.
Given the weak macro environment, the latest price bounce may be short-lived. Low trading volumes during the US Independence Day holiday may have also factored into its sharp rise.
On the other hand, others believe that this show of strength from ETH could be a sign of a fresh rally. This is mostly because the ETH price is now trading above $1,100 and the 100 hourly simple moving average. There was also a break above a key contracting triangle with resistance near $1,075 on the hourly chart of ETH/USD, which means the pair could rise above the $1,159 resistance zone.
Ethereum/TetherUS 1D (Source: CoinMarketCap)
According to CoinMarketCap, the 24-hour trading volume for ETH is up about 86% and is currently standing at $15,090,809,8786. When looking at market capitalization, ETH is still the second largest crypto and is currently standing at $140,686,074,620.
ETH is trading at $1,159.29 at the time of writing, after a 10.35% increase in price over the last day. ETH was also able to reach a high of $1,165.68 over the last 24 hours.
When looking at a larger time frame, ETH is down 3,77% over the last seven days.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies