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 is facing a slight correction after yesterday's rise, and the majority of coins are in the red zone.
ETH/USD
Ethereum (ETH) could not withstand BTC's fall, falling itself by 3.80% over the last 24 hours.
On the local chart, Ethereum (ETH) has bounced off the formed support level at $1,567.
Denys SerhiichukNow one should pay close attention to the $1,600 mark. If buyers can hold it, a rise may continue to the $1,650-$1,700 zone.
On the daily chart, Ethereum (ETH) has made a false breakout of the $1,594 level, confirming bulls' power. Until the price is above this mark, there are more chances to see a rise than a drop. In addition, the selling volume is low, which means that bears are not powerful enough to seize the initiative.
On the bigger time frame, Ethereum (ETH) could not fix above the $1,700 mark from the first attempt. In this case, the more likely scenario is sideways trading in the narrow range of $1,600-$1,700, so one of the sides can get more energy for a further move.
Ethereum is trading at $1,607 at press time.
Alex Dovbnya
Vladislav Sopov
Dan Burgin