Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Most of the coins are setting new local lows, according to CoinStats.
ETH/USD
The rate of Ethereum (ETH) has dropped by 2.44% over the last 24 hours.
On the hourly chart, the price of ETH is in the middle of the local channel. However, if the daily bar closes near the support level, the correction is likely to continue tomorrow.
On the bigger time frame, traders should focus on the support level of $2,510. If it breaks out, there is a chance to see a test of the $2,400 range soon.
A little bit better picture can be seen on the weekly chart. The rate of the main altcoin is far from the main levels, which means neither bulls nor bears are dominating in the midterm.
Denys SerhiichukIn this regard, consolidation in the wide range of $2,400-$2,700 is the more likely scenario until the end of the month.
Ethereum is trading at $2,562 at press time.
Alex Dovbnya
Gamza Khanzadaev
Dan Burgin