Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The market is mainly red in the middle of the week, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has declined by 0.1% over the last 24 hours.
On the hourly chart, the price of ETH is going down after a false breakout of the local resistance of $3,124. If sellers' pressure continues, one can expect a test of the support by tomorrow.
On the longer time frame, the rate of the main altcoin has not bounced off far from the support of $2,959. If the daily bar closes near that mark or below it, the decline is likely to continue to the $2,800-$2,900 zone.
Such a scenario is relevant until the end of the week.
From the midterm point of view, traders should pay attention to the nearest level of $3,004. If its breakout occurs, the accumulated energy might be enough for a move to the $2,800 range.
Ethereum is trading at $3,059 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team