Bears are becoming more powerful by the end of the week as most of the top 10 coins are in the red zone.
ETH/USD
Yesterday morning, the bears were unable to push through the support around $2,440, and the price of Ethereum (ETH) remained in a short-term sideways consolidation.
In the afternoon, a sharp bullish momentum broke through the resistance of $2,700 and the pair returned to the July high zone. Tonight, the price tested the level of $2,775.
Today, during the day, bulls may try to increase the volume and gain a foothold above the resistance of $2,800.
On the 12H chart, Ethereum (ETH) has bounced off the zone around $2,500, which means that bulls are ready to keep the ongoing rise. In this case, traders might expect a retest of the recently formed resistance at $2,699 by the end of the day.
On the bigger time frame, the chief altcoin has tested the liquidity zone at $2,500, followed by a bounce-off. The trading volume is low, which means that traders are accumulating power for an ongoing rise. Ethereum (ETH) may get back to $3,117 by mid-August if buyers keep dominating the market.
Ethereum is trading at $2,612 at press time.
Alex Dovbnya
Vladislav Sopov
Arman Shirinyan