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The market is neither bullish nor bearish today, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has risen by 1.33% over the last 24 hours.
On the hourly chart, the price of ETH has set a local support of $2,857. If a bounce off does not happen and the daily bar closes near that mark, the decline is likely to continue to the $2,800 range.
On the longer time frame, none of the sides is dominating, as the rate of the main altcoin is far from key levels.
Thus, the volume remains low, which means ongoing sideways trading is the most likely scenario until the end of the week.
From the midterm point of view, bulls have not accumulated enough energy to seize the initiative. In this regard, one should focus on the nearest area of $3,000. Until the price is below that mark, an ongoing decline is the most likely scenario.
Ethereum is trading at $2,878 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team