The situation is almost unchanged since yesterday as buyers keep holding the initiative.
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ETH/USD
The rate of Ethereum (ETH) has risen by 0.37% over the last 24 hours.
Image by TradingView
On the local chart, the rate of Ethereum (ETH) is looking bullish as the price has also broken the resistance at $1,864. However, there are low chances of seeing any sharp moves until the end of the day as most of the ATR has been passed.
In this case, ongoing consolidation in the area around $1,870 is the more likely scenario.
Image by TradingView
On the daily time frame, the situation remains unclear as ETH keeps accumulating energy for a further move. However, if growth continues to the $1,900 zone and the rate fixes above it, there is a possibility of seeing an ongoing rise to the $1,940 range within the next few days.
Image by TradingView
A similar picture can be seen on the weekly chart as the rate is far from the key levels. The falling volume confirms that neither bulls nor bears are ready to seize the initiative yet. In this regard, sideways trading between $1,850 and $1,950 is the more likely scenario until mid-August.
Ethereum is trading at $1,877 at press time.
Godfrey Benjamin
Vladislav Sopov
Gamza Khanzadaev