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Saturday has started with the market bouncing back, according to CoinMarketCap.
ETH/USD
Ethereum (ETH) is the exception, falling by 1.14% over the last day.
On the hourly chart, the rate of ETH has set a local support of $2,415.
If bulls can hold the initiative and the daily bar closes near the resistance, one can expect a level breakout, followed by a test of the $2,450 zone.
On the bigger time frame, the situation is more positive. Traders should focus on the nearest level of $2,482. If the candle closes above it, the accumulated energy might be enough for a blast to the $2,550-$2,600 area next week.
From the midterm point of view, the rate of the main altcoin is far from the support and resistance levels. The price is within the previous bar, which means ongoing sideways trading remains the more likely scenario.
Ethereum is trading at $2,427 at press time.
Vladislav Sopov
U.Today Editorial Team