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The cryptocurrency market is neither bullish nor bearish, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has gone down by 18.23% over the last week.
ETH/USD chart by TradingView" src="https://cnews24.ru/uploads/564/56431f38b9b67833d0746e1faa9780fcf45ce17b.png" size="1818x828">
On the local time frame, Ethereum (ETH) has bounced off the $1,628 level. If buyers can't seize the initiative, there is a high chance to see a test of the $1,600 mark by the end of the day.
ETH/USD chart by TradingView" src="https://cnews24.ru/uploads/e52/e52505e79861335af8179d24a22cad4d3074f015.png" size="1818x885">
On the daily chart, Ethereum (ETH) is located in the middle of the narrow range between the support at $1,524 and the resistance at $1,655. Currently, neither side has accumulated enough power for a sharp move. Respectively, sideways trading around the mentioned levels is the more likely scenario for the upcoming week.
ETH/USD chart by TradingView" src="https://cnews24.ru/uploads/09f/09f1ab9b1f7834dee9d3956fc4fc1f059d743ea7.png" size="1818x885">
From the mid-term point of view, Ethereum (ETH) has made a false breakout of the support level at $1,560. Until the price is above it, bulls have a chance for an upward move. In addition, the selling volume is low, which means that bears are running out of strength.
Ethereum is trading at $1,608 at press time.