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The market is neutral at the beginning of the week, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has risen by 1.24% over the last day.
On the hourly chart, the price of ETH is near the local resistance of $4,403. If a breakout happens, the growth may continue to the $4,500 zone by tomorrow.
On the bigger time frame, the picture is less bullish. The rate of the main altcoin is far from the key levels, which means neither bulls nor bears are dominating so far.
In this case, sideways trading in the area of $4,300-$4,500 is the more likely scenario.
From the midterm point of view, bulls have failed to maintain the rise after the previous bullish candle closure. If the weekly bar closes around the current prices or below, the correction is likely to continue to the $4,000 mark soon.
Ethereum is trading at $4,391 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team