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.
The market has almost entirely come back to the red zone, according to the CoinMarketCap ranking.
ETH/USD
Ethereum (ETH) has lost more than Bitcoin (BTC), going down by 2.74%.
Despite the fall, the price of Ethereum (ETH) has made a false breakout of the local support level at $1,896. If the daily closure happens far from the $1,900 mark, a bounce back may continue to the $1,920-$1,930 zone tomorrow.
On the bigger time frame, the situation remains bearish as the bar is about to close below yesterday's low at $1,913.60. In this case, there is a high possibility of seeing a further decline to the next important support level at $1,846. Such a scenario is relevant until the end of the week.
From the midterm point of view, the rate of Ethereum (ETH) has returned to the middle of a wide channel. The price is located below the crucial $2,000 mark, which means that sellers have seized the initiative.
Denys SerhiichukHowever, the leading altcoin is still far from the support at $1,715. All in all, sideways trading in the range of $1,850-$1,950 is the more likely scenario until the end of the month.
Ethereum is trading at $1,909 at press time.
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya
Vladislav Sopov