Bulls could not seize the initiative after a slight bounce back at the beginning of the day, as most of the coins remain trading in the red zone.
Ethereum (ETH) is one of the biggest gainers today with a rise of 0.85% over the last 24 hours.
On the hourly chart, Ethereum (ETH) has not decided yet which way to go as the price is located in the middle of the local channel. However, if the rise can continue to the important $1,300 mark, there are chances to see the breakout of the resistance level at $1,306.
On the bigger chart, one should pay close attention to the daily closure. If the bar closes above the previous one, bulls have a chance to seize the initiative.
If that happens, traders can expect a further upward move to the $1,340 zone.
Analyzing the chart against BTC, Ethereum (ETH) is looking bullish as the price has bounced off of 0.067 BTC. If the candle closes around this level, one can expect continued growth to the resistance level at 0.069187 BTC.
Ethereum is trading at 0.067968 BTC at press time.