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The weekend has started mainly bullish for the market, however, there are some exceptions, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has risen by 0.12% over the last day.
On the hourly chart, the price of ETH has made a false breakout of the local support of $2,522. If the daily bar closes near that mark, one can expect a more profound drop to the $2,500 zone.
On the bigger time frame, the picture is also more bearish than bullish.
If the candle closes around the current prices or below and with no long wick, traders may witness a test of the $2,300-$2,400 range over the next few days.
From the midterm point of view, the rate of ETH has bounced off the resistance of $2,857. If the weekly bar closes far from that mark, bears may be back in the game, which may lead to a drop to the $2,400 range.
Ethereum is trading at $2,538 at press time.
Vladislav Sopov
U.Today Editorial Team