u.today
The market is facing a slight correction after yesterday's rise, and the majority of coins are in the red zone.
ETH/USD
Ethereum (ETH) could not withstand BTC's fall, falling itself by 3.80% over the last 24 hours.
ETH/USD chart by TradingView" src="https://cnews24.ru/uploads/6b4/6b4e165e6bf09ea48572e47146628204b36bcaa5.png" size="1816x863">
On the local chart, Ethereum (ETH) has bounced off the formed support level at $1,567.
Now one should pay close attention to the $1,600 mark. If buyers can hold it, a rise may continue to the $1,650-$1,700 zone.
ETH/USD chart by TradingView" src="https://cnews24.ru/uploads/280/28001cbbb4d6c9b82a971c2c1c258d5712beb35e.png" size="1816x863">
On the daily chart, Ethereum (ETH) has made a false breakout of the $1,594 level, confirming bulls' power. Until the price is above this mark, there are more chances to see a rise than a drop. In addition, the selling volume is low, which means that bears are not powerful enough to seize the initiative.
ETH/USD chart by TradingView" src="https://cnews24.ru/uploads/074/074da67e055acff5e7e34f73b27d6b0cda414318.png" size="1816x863">
On the bigger time frame, Ethereum (ETH) could not fix above the $1,700 mark from the first attempt. In this case, the more likely scenario is sideways trading in the narrow range of $1,600-$1,700, so one of the sides can get more energy for a further move.
Ethereum is trading at $1,607 at press time.