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The market has returned to the green zone, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has gone up by 5.05% over the last day.
On the hourly chart, the price of ETH is on its way to the local support of $2,562. If bulls cannot seize the initiative, one can expect a test of the $2,550 zone by tomorrow.
On the longer time frame, traders should focus on the bar's closure.
If it happens with a long wick, sellers may locally seize the initiative, which can lead to a test of the $2,500-$2,550 zone shortly.
From the midterm point of view, one should pay attention to the weekly candle's closure. At the moment, the rate of the main altcoin is far from key levels, which means sideways trading around the current prices is the most likely scenario.
Ethereum is trading at $2,584 at press time.
Vladislav Sopov
U.Today Editorial Team