U.Today - Buyers keep their pressure at the end of the week, according to CoinStats.
ETH/USD
The rate of Ethereum (ETH) has risen by 0.52% since yesterday. Over the last week, the price has risen by 10%.
On the hourly chart, the price of the main altcoin is approaching the local support of $1,597. If the daily bar closes near it, there is a chance of a level breakout, followed by a further drop to the $1,550 mark.
On the bigger time frame, neither side is dominating as the rate is trading within yesterday’s bar. Bulls may only start thinking about an upward move if a breakout of the nearest resistance of $1,689 happens and the candle fixes above it.
From the midterm point of view, the rate of Ethereum (ETH) has bounced off the support of $1,368. However, a fast bounce back is unlikely to happen as not enough energy has been accumulated yet.
In this case, sideways trading in the area of $1,500-$1,700 is the more likely scenario.
Ethereum is trading at $1,605 at press time.
This content was originally published on U.Today
