The bulls have continued their rise today as most of the coins are trading in the green zone.
ETH/USD
Ethereum (ETH) continues to be one of the biggest gainers, up 5% over the previous day.
On the hourly chart, Ethereum (ETH) is looking bearish after an unsuccessful attempt to break above resistance at $1,651. If the sellers pressure continues, the downside is likely to continue towards the $1,560 mark soon.
On the daily time frame, the situation is unclear as the price is located within yesterday’s candle. If buyers want to seize the initiative, the development should test the $1,650-$1,700 zone. Only in this case, the major altcoins are likely to see a medium-term bull run.
On the weekly chart, Ethereum (ETH) has made a false breakout of the $1,647 mark, which indicates that the bulls may face some difficulties ahead of development. However, if the bulls can pull the rate back to $1,650 by the end of Saturday, the coming week could be bullish for ETH.
Ethereum is trading at $1,609 at press time.