u.today
The last day of the week is likely to end bullish for the cryptocurrency market as most of the coins remain in the green zone.
ETH/USD
The rate of Ethereum (ETH) has risen by 0.81% since yesterday. However, over the last week the price has dropped by 18.81%.
ETH/USD chart by TradingView" src="https://cnews24.ru/uploads/677/6775475a0515c9056f25a8110adf4dab58d893ed.png" size="1825x889">
On the local chart, Ethereum (ETH) has bounced off the hourly support level at $1,423, which shows buyers' power. If the correction continues, one can expect a test of resistance at $1,460 soon.
ETH/USD chart by TradingView" src="https://cnews24.ru/uploads/e73/e7367ef3a0b863377825fe64c8a19a2c6e407acb.png" size="1825x889">
On the daily chart, the rate of Ethereum (ETH) has bounced off the support level at $1,422 again. However, one needs to pay close attention to the close of the day. If the body of the bar closes near the $1,420 mark, there is a high chance to see a sharp decline to the $1,400 zone.
ETH/USD chart by TradingView" src="https://cnews24.ru/uploads/a47/a47b3db9decd45869be3f8c024372c59eb8eb23c.png" size="1825x889">
From the midterm point of view, the situation is more bearish than bullish as the weekly candle is about to close near the $1,422 mark. If buyers cannot seize the initiative, traders might see a further drop of Ethereum (ETH) to another vital point at $1,356 soon.
Ethereum is trading at $1,436 at press time.