A correction might have arrived on the cryptocurrency market, as most of the coins are in the red zone.
Top coins by CoinMarketCap
ETH/USD
The rate of Ethereum (ETH) has fallen by almost 1% over the last 24 hours.
Image by TradingView
On the hourly chart, the price of ETH might have found a local support level at $1,849. If the growth continues, traders are likely to see a quicker test of the resistance. Such a scenario is relevant until the end of the day.
Image by TradingView
On the daily time frame, the rate of Ethereum (ETH) keeps accumulating energy for a further move. Until the price is below the $1,900 zone, sellers are locally more powerful than buyers.
However, if the breakout of the mentioned mark happens, one can expect a test of the resistance at $1,935 shortly.
Image by TradingView
Analyzing the daily chart of ETH against Bitcoin (BTC), the leading altcoin is looking bearish as the rate has once again approached the support level of 0.06108. If the candle fixes below that mark, the drop may continue to the 0.06 zone.
Ethereum is trading at $1,863 at press time.
Godfrey Benjamin
Tomiwabold Olajide
Gamza Khanzadaev