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The market is again facing a bounce back, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has increased by 2.62% over the last 24 hours.
On the hourly chart, the price of ETH is near the local resistance level of $3,274. If buyers can hold the gained initiative until the end of the day, there is a chance to see a breakout, followed by a move to the $3,300 zone and above.
On the bigger time frame, buyers have not accumulated enough energy despite today's rise. If the bar closes around current prices, one can expect sideways trading in the zone of $3,200-$3,300 until the end of the week.
From the midterm point of view, the rate of ETH is far from support and resistance levels. Thus, the volume has fallen, which means none of the sides is ready for a sharp move.
Denys SerhiichukRespectively, traders are unlikely to witness huge volatility shortly.
Ethereum is trading at $3,253 at press time.
Tomiwabold Olajide
Yuri Molchan