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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.
The situation remains bullish on the market, according to CoinMarketCap.
The price of Ethereum (ETH) keeps rising, going up by 3.80%.
On the hourly chart, the rate of ETH has formed a local resistance level of $3,501. At the moment, one should pay attention to the daily closure. If it happens far from that mark, there is a chance to see a local correction to the $3,400 zone.
On the bigger time frame, the price of the leading altcoin has made a false breakout of yesterday’s peak at $3,487.
However, if the bar closes above it, the rise is likely to continue to the $3,600-$3,700 area soon.
From the midterm point of view, traders should pay attention to the nearest resistance level of $3,582. If the weekly candle closes with no long wick, the upward move may lead to the test of the vital zone of $4,000 next month.
Ethereum is trading at $3,479 at press time.