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Bulls will not give up easily, as the rates of most of the coins are rising.
ETH/USD
Ethereum (ETH) is one of the biggest gainers today, rising by 3%.
On the hourly chart, the price of Ethereum (ETH) has formed the local resistance at $1,254. Currently, there are more chances to see a correction, rather than a continued rise. If that happens, the rate may decline to the middle of the channel at around $1,235.
The situation is entirely different on the daily time frame, as the rate has broken the resistance at $1,230 and is about to fix above it.
As the price of Ethereum (ETH) has been located in the channel for around 20 days, the accumulated strength might be enough for midterm growth to the critical $1,300 zone.
Ethereum (ETH) is also bullish on the daily chart against Bitcoin (BTC). If buyers can hold the gained initiative, the upward move may continue to the 0.075 mark where the first stop is possible.
Ethereum is trading at $1,250 at press time.
Vladislav Sopov