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Bears keep controlling the situation on the market; however, there are some exceptions to the rule.
Top coins by CoinMarketCap
The rate of Ethereum (ETH) has increased by 0.29% over the last 24 hours.
Image by TradingView
On the hourly chart, traders should focus on the nearest level at $1,844.7. If the daily candle closes above it, the rise may continue to the $1,850 area. Such a scenario is relevant until the end of the day tomorrow.
Image by TradingView
An opposite picture can be seen on the bigger time frame, as the price remains near the support level at $1,816. Traders can start thinking about midterm growth only if the rate gets back to the $1,900 mark and fixes above it.
Image by TradingView
From the midterm point of view, the rate of ETH has made a false breakout of the support at $1,816.
If the bar closes far from it, bulls have a chance to seize the initiative. In another case, the breakout may lead to the ongoing decline to $1,760.
Ethereum is trading at $1,837 at press time.
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.
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Disclaimer: The opinions expressed here are not investment advice; they are provided for informational purposes only. The opinions expressed by our writers are their own and do not represent the views of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. We do not recommend investing money you cannot afford to lose.
