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The crypto market keeps setting new peaks today, according to CoinStats.
ETH/USD
The price of Ethereum (ETH) has risen by 4.74% over the last 24 hours.
On the hourly chart, the rate of ETH is going down after a false breakout of the local resistance of $4,712.
If the decline continues, there is a high chance of seeing a test of the support by tomorrow.
On the longer time frame, one should focus on the daily bar closure in terms of yesterday's bar peak. If the bar closes with a long wick and below $4,639, bears may seize the initiative, which may lead to a drop to the $4,300 zone.
From the midterm point of view, there are no reversal signals yet. If the weekly candle closes around current prices, traders may expect a test of the vital $5,000 area by the end of the month.
Ethereum is trading at $4,656 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team