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Bulls have started losing the initiative, according to CoinStats.
ETH/USD
The rate of Ethereum (ETH) has increased by 4.37% over the last 24 hours.
On the hourly chart, the price of ETH has broken the local resistance of $3,370. If buyers can hold the gained initiative, the upward move is likely to continue to the $3,500 area by tomorrow.
On the bigger time frame, one should focus on the daily bar's closure. If it happens around current prices, traders may witness a test of the $3,500-$3,600 zone by the end of the week.
From the midterm point of view, the picture is less bullish. The rate of the main altcoin is far from the main levels.
Denys SerhiichukIn this case, sideways trading around the current prices is the more likely scenario.
Ethereum is trading at $3,404 at press time.
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.
Vladislav Sopov
Alex Dovbnya
Dan Burgin