Sun, 12/05/2024 – 15:41
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.
Most coins are about to close in the bullish zone on the last day of the week, according to CoinMarketCap.
Advertisement
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.