How likely is it for Ethereum (ETH) to return to the bullish trend?
According to CoinMarketCap rankings, the market is mostly located in neutral territory after yesterday’s drop.
ETH/USD
The price of Ethereum (ETH) is on a slight upward move, gaining 0.52% over the past 24 hours.
On the local chart, the position is neither bullish nor bearish as neither side could seize the initiative. In this case, one should not expect any sharp movements till the end of the day.
On the larger time frame, Ethereum (ETH) made a false breakout from yesterday’s low of $1,561. As long as the rate is not above this, buyers have a chance to bounce back. However, one should not expect a mid-term bullish trend reversal, as the major altcoins have not accumulated enough strength for this.
On the weekly chart, the situation is unclear as there are only a few days left till Saturday, which means there is still a chance to see some intraday moves to decide on further actions.
Ethereum is trading at $1,602 at press time.