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The crypto market remains mainly bullish today, according to CoinStats.
ETH/USD
The price of Ethereum (ETH) has gone up by 2.43% over the last day.
On the hourly chart, the rate of ETH is closer to the support than to the resistance. If bulls cannot seize the initiative soon, traders may expect a level breakout, followed by a further correction to the $2,500 zone.
On the bigger time frame, the price of the main altcoin is in the middle of the wide channel, between the support of $2,317 and the resistance of $2,738.
As neither bulls nor bears are dominating, there are low chances of seeing sharp moves soon.
From the midterm point of view, the rate of ETH has once again bounced off the resistance of $2,608. However, if the weekly bar closes near that mark, traders may witness a blast to the vital zone of $3,000.
Ethereum is trading at $2,571 at press time.
Vladislav Sopov
U.Today Editorial Team