Sun, 12/05/2024 – 15:41
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Most coins are about to close in the bullish zone on the last day of the week, according to CoinMarketCap.
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ETH/USD
The rate of Ethereum (ETH) has increased by 0.75% since yesterday. Over the last week, the price has fallen by 6.85%.
On the hourly chart, the price of the main altcoin is returning to the recently formed local resistance of $2,942. If buyers can hold the gained initiative, there is a possibility of a breakout followed by a move to the $2,970 zone.
A less positive situation is on the daily chart. Even if the candle closes around the current prices, the accumulated energy is not enough for a further upward move.
In this case, consolidation in the area of $2,900-$2,950 is the more likely scenario for the next days.
From the midterm point of view, the weekly bar is approaching the support level of $2,850. If sellers’ pressure continues, one can expect a test of the $2,600-$2,700 range by the end of the month.
Ethereum is trading at $2,932 at press time.
