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The last day of the week is about to end bullish for the cryptocurrency market, according to CoinStats.
ETH/USD
The rate of Ethereum (ETH) has increased by 0.3% over the last 24 hours.
On the hourly chart, the price of ETH is the middle of the local channel between the support at $3,365 and the resistance at $3,448.
As most of the daily ATR has been passed, any sharp moves are unlikely to happen today. In this regard, consolidation around the $3,400 zone is the more likely scenario.
On the daily time frame, the situation is quite similar. The rate of the main altcoin is far from the resistance. Traders may only expect an ongoing rise if the bar returns to the $3,480 zone.
From the midterm point of view, Ethereum (ETH) has almost touched the $3,582 level. However, one should focus on the candle closure. If it happens above it and with no long wicks, the upward move may lead to a test of the $3,600-$3,700 area this month.
Ethereum is trading at $3,428 at press time.
Tomiwabold Olajide
Yuri Molchan
