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The situation remains bullish on the market, according to CoinMarketCap.
ETH/USD
The price of Ethereum (ETH) keeps rising, going up by 3.80%.
On the hourly chart, the rate of ETH has formed a local resistance level of $3,501. At the moment, one should pay attention to the daily closure. If it happens far from that mark, there is a chance to see a local correction to the $3,400 zone.
On the bigger time frame, the price of the leading altcoin has made a false breakout of yesterday's peak at $3,487.
Denys SerhiichukHowever, if the bar closes above it, the rise is likely to continue to the $3,600-$3,700 area soon.
From the midterm point of view, traders should pay attention to the nearest resistance level of $3,582. If the weekly candle closes with no long wick, the upward move may lead to the test of the vital zone of $4,000 next month.
Ethereum is trading at $3,479 at press time.
Vladislav Sopov
Alex Dovbnya
Dan Burgin
U.Today Editorial Team