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The last day of the week is likely to end bullish for the cryptocurrency market as most of the coins remain in the green zone.
ETH/USD
The rate of Ethereum (ETH) has risen by 0.81% since yesterday. However, over the last week the price has dropped by 18.81%.
On the local chart, Ethereum (ETH) has bounced off the hourly support level at $1,423, which shows buyers' power. If the correction continues, one can expect a test of resistance at $1,460 soon.
On the daily chart, the rate of Ethereum (ETH) has bounced off the support level at $1,422 again. However, one needs to pay close attention to the close of the day. If the body of the bar closes near the $1,420 mark, there is a high chance to see a sharp decline to the $1,400 zone.
From the midterm point of view, the situation is more bearish than bullish as the weekly candle is about to close near the $1,422 mark. If buyers cannot seize the initiative, traders might see a further drop of Ethereum (ETH) to another vital point at $1,356 soon.
Ethereum is trading at $1,436 at press time.
Yuri Molchan
Godfrey Benjamin
U.Today Editorial Team
Vladislav Sopov
Dan Burgin