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Almost all coins from the top 10 list are in the red zone today, according to CoinStats.
ETH/USD
The price of Ethereum (ETH) has declined by 3% since yesterday.
On the hourly chart, the rate of ETH is rising after setting a local support of $3,013. If the daily candle closes around the resistance, there is a high chance to see a level breakout, followed by a further upward move to the $3,050-$3,100 range.
On the bigger time frame, one should focus on the interim level of $2,985. If a breakout happens, the accumulated energy might be enough for a continued correction to the $2,800-$2,900 area.
From the midterm point of view, neither side is dominating as the price of the main altcoin is far from the key levels. Such a statement is also confirmed by the falling volume.
In this case, sideways trading in the range of $2,800-$3,200 is the more likely scenario.
Ethereum is trading at $3,034 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team