The market is about to face a short-term bounce back as the rates of some coins are going up.
ETH/USD
Unlike Bitcoin (BTC), the price of Ethereum (ETH) is rising by almost 1% over the last 24 hours.
On the hourly chart, Ethereum (ETH) has made a false breakout of the local support level at $1,223.60. Moreover, the price also broke the resistance at $1,238.10. If the rate can hold above that mark until the end of the day, the growth may continue tomorrow.
On the daily time frame, sellers could not keep the fall after yesterday's bearish candle. Meanwhile, the price is far away from the resistance level for a possible upward move.
Further growth is possible only if the rate gets to the $1,300 zone and fixes there.
Analyzing the chart against Bitcoin (BTC), Ethereum (ETH) keeps trading sideways, accumulating power for the further move. If today's bar closes with no long wicks, there is a chance to see the continued rise to 0.075 soon.
Ethereum is trading at $1,244 at press time.
Alex Dovbnya
Arman Shirinyan