As a seasoned researcher with years of experience in cryptocurrency markets, I have witnessed countless market swings and trends. Today’s bounce back in the crypto market, as indicated by CoinMarketCap, is not something new to me. I’ve seen this before, but my experience has taught me that it’s important to analyze each situation individually.
The market is again facing a bounce back, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has increased by 2.62% over the last 24 hours.
On the hourly chart, Ethereum’s price hovers close to the nearby resistance of $3,274. Should buyers successfully maintain control until the end of the trading session, there is a potential for a breakthrough towards $3,300 and beyond.
Looking at the larger picture, purchasers haven’t built up sufficient momentum yet, even with today’s price increase. If the market reaches the threshold for a close around its current level, it may lead to sideways trading in the range of $3,200 to $3,300 until the week is over.
As an analyst, I’ve reached the midpoint in my analysis of Ethereum (ETH). At this stage, it’s clear that the price is quite a distance from both the support and resistance levels. Consequently, trading volume has dwindled, indicating neither the buyers nor sellers are prepared to initiate a strong price movement.
Respectively, traders are unlikely to witness huge volatility shortly.
Ethereum is trading at $3,253 at press time.
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2024-07-26 14:12