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.
Bears are back in the game as the majority of the coins are red again.
ETH/USD
Ethereum (ETH) has turned out to be more bearish than Bitcoin (BTC), going down by 7%.
On the hourly chart, Ethereum (ETH) has successfully broken the local resistance level at $1,537, which means that bulls have chances for short-term growth. If the volume remains on the same level or keeps rising, the upward move may continue to the $1,580 mark.
On the bigger time frame, the situation is not so clear. The rate is stuck in the middle of the channel after yesterday's sharp drop. Traders can consider a bull run only if the price comes back to the level of $1,650, formed by the false breakout.
On the weekly chart, nothing crucial has happened so far as the price has not left the border of the channel. However, if the drop continues to the $1,450 mark, one can see the breakout of the support level at $1,424 soon. Such a scenario is relevant until the end of September.
Ethereum is trading at $1,548 at press time.
Gamza Khanzadaev
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya
Vladislav Sopov