U.Today - Bulls are back in the game, according to CoinStats.
ETH chart by CoinStats
ETH/USD
The rate of Ethereum (ETH) has increased by 5.42% over the past 24 hours.
On the hourly chart, the price of ETH is trading near the local resistance of $2,442. If it breaks out, the accumulated energy might be enough for a test of the $2,500 area soon.
On the daily time frame, the rate of the main altcoin keeps rising after yesterday's bullish closure. If bulls can hold the gained initiative, there is a possibility of seeing a blast to the $2,600 zone until the end of the month.
From the midterm point of view, it is too early to make any long-term predictions, as the price of ETH does not have enough energy for prolonged growth.
Ongoing sideways trading in the area of $2,300-$2,600 is the most likely scenario.
Ethereum is trading at $2,432 at press time.
This content was originally published on U.Today
