The cryptocurrency market is currently neutral as neither buyers nor sellers are controlling the situation.
ETH/USD
Ethereum (ETH) is looking worse than Bitcoin (BTC), going down by 0.35% since yesterday.
After the false breakout of the local support level at $1,267, the price of Ethereum (ETH) remains weak, which means that there is a high chance to see a retest.
If that happens, the fall may continue to the $1,250 zone.
The situation is similar on the daily chart, as Ethereum (ETH) is about to close below yesterday's low at $1,264. In this regard, there is a high probability to see a decline to the closest support at $1,233. Such a scenario is relevant until the end of the upcoming week.
The weekly time frame gives traders hope for midterm growth. It can only occur if the bar closes near the $1,290 mark or above. All in all, the strength might be enough for a price blast to the $1,350-$1,400 area. Thus, the selling volume is low, confirming bears' weakness.
Ethereum is trading at $1,271 at press time.
Vladislav Sopov
Yuri Molchan