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Most coins remain bullish at the beginning of the weekend, according to CoinMarketCap.
ETH/USD
Ethereum (ETH) has gained a lot of value today, rocketing by more than 9%.
On the hourly chart, the rate of ETH is in the middle of the local channel, between the support of $4,659 and the resistance of $4,817. As neither side is dominating, any sharp moves are unlikely to happen by tomorrow.
On the bigger time frame, one should pay attention to the nearest level of $4,783. If the price of the main altcoin returns above it, traders may witness further growth to the psychological $5,000 mark.
From the midterm point of view, the rate of ETH has made a false breakout of the peak formed in November 2021.
If the weekly candle closes far from it, bears may seize the initiative, which can lead to a test of the $4,500 range by the end of the month.
Ethereum is trading at $4,718 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team