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The rates of most of the coins are rising on the first day of the weekend.
Ethereum (ETH) has followed the growth of Bitcoin (BTC), going up by 2.35%.
On the hourly chart, Ethereum (ETH) is more bullish than bearish as the price has bounced off the support at $1,687.60. If the growth continues to the $1,700 mark, one can expect a breakout of the resistance at $1,704.20 shortly.
Ethereum (ETH) is also bullish on the daily time frame, as the rate is near the resistance level of $1,714. In this case, the more likely scenario is a breakout followed by an impulse to the $1,700-$1,750 zone.
On the weekly chart, Ethereum (ETH) is trading near the resistance after the recent bearish candle, which means that bulls remain more powerful than bears.
If the situation remains the same until the end of the week, the accumulated energy might be enough for a move to the $1,800-$1,900 zone.
Ethereum is trading at $1,696 at press time.