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Buyers remain more powerful than sellers to a certain extent as the prices of most of the coins are rising.
Top coins by CoinMarketCap
The price of Ethereum (ETH) has increased by 0.84% over the past 24 hours.
Image by TradingView
On the short-term chart, traders should keep an eye on the immediate resistance level at $1,650.9. Should a false breakout occur, the price could potentially climb to the range of $1,660 to $1,670 in the near future.
Image by TradingView
Conversely, the daily chart presents a different scenario. The bullish momentum was unable to sustain yesterday’s gains.
If the situation remains unchanged by the end of the day, sellers could potentially take control, causing the price to drop toward the crucial $1,600 level.
Image by TradingView
Over a weekly timeframe, it is crucial to monitor the closing price of the candlestick. If selling pressure persists and the candlestick closes near the support level of $1,571, we could witness a sharp decline to the $1,450 to $1,500 range.
Ethereum is trading at $1,648 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.
