The market keeps going up at the end of the week, according to CoinMarketCap.
ETH/USD
The price of Ethereum (ETH) has increased by 1.3% over the last day.
On the hourly chart, the rate of ETH has made a false breakout of the local resistance of $4,558. If the daily bar closes far from that level, bears may seize the initiative, which may lead to a correction to the $4,450 support level.
On the longer time frame, one should focus on the daily bar’s closure in terms of the $4,516 level.
You Might Also Like
If the candle closes with a long wick, traders may witness a decline to the $4,400-$4,500 range over the next few days.
From the midterm point of view, the rate of the main altcoin is in the middle of the channel, between the support of $4,166 and the resistance of $4,788. As none of the sides is dominating, ongoing sideways trading around the current prices is the more likely scenario.
Ethereum is trading at $4,515 at press time.