Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Bulls are not able yet to seize the initiative, and all of the top 10 coins remain in the red zone, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has declined by 4% over the last 24 hours.
On the hourly chart, the price of ETH is about to break the local resistance of $3,068. If that happens, the upward move is likely to continue to the $3,100 zone by tomorrow.
On the longer time frame, the rate of the main altcoin has made a false breakout of yesterday’s bar's low of $2,959.
If bulls can hold the gained initiative and the candle closes far from that mark, traders may expect a test of the $3,100-$3,150 range soon.
From the midterm point of view, the situation is similar. If the breakout of the support level happens, the accumulated energy might be enough for a more profound drop to the $2,800-$2,900 range.
Ethereum is trading at $3,065 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team