The crypto market keeps setting new local peaks, according to CoinStats.
ETH/USD
Ethereum (ETH) is one of the biggest gainers today, rising by 4.5%.
Despite today’s rise, the price of ETH is near the local support of $2,765. If its breakout occurs, the decline is likely to continue to the $2,750 zone. Such a scenario is relevant until tomorrow.
On the longer time frame, the rate of the main altcoin has almost touched a resistance of $2,827.
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If today’s bar closes with a long wick and far from yesterday’s candle peak, there is a chance of seeing a decline to the $2,700-$2,750 range soon.
From the midterm point of view, traders should focus on the weekly bar’s closure. If it happens near the resistance of $2,857, the energy might be enough for the price to blast to the vital zone of $3,000.
Ethereum is trading at $2,769 at press time.