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The market is back to red at the beginning of the weekend, according to CoinStats.
ETH/USD
The price of Ethereum (ETH) has declined by 1.16% since yesterday.
On the hourly chart, the rate of ETH has made a false breakout of the local support of $4,458.
However, if the daily bar closes around that mark or even below, the fall may continue to the $4,450 zone by the end of the week.
On the bigger time frame, the situation is more bearish than bullish. If buyers cannot seize the initiative and the daily bar closes near the $4,424 support, the accumulated energy might be enough for a dump to the $4,300-$4,400 zone.
From the midterm point of view, the price of the main altcoin is in the middle of the channel between the support of $4,166 and the resistance of $4,788. As neither side is dominating and the volume is low, traders are unlikely to see sharp moves by the end of the month.
Ethereum is trading at $4,469 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team