As a seasoned analyst with over a decade of experience in the cryptocurrency market, I have seen my fair share of bull runs and bear markets. Looking at the current state of Ethereum (ETH), it appears that buyers are attempting to take control, but the price action suggests a more cautious approach is needed.
Buyers are trying to hold the initiative, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has risen by 1.81% over the past 24 hours.
In simpler terms, right now on the hourly chart, the cost of Ethereum (ETH) falls near the average line within its current price range or ‘channel’. With a large portion of today’s Average True Range (ATR) already passed, it’s unlikely that we will see significant price fluctuations before the end of the day.
Over a longer period, the primary altcoin’s trend doesn’t show clear signs of either a bear or bull market. Since neither side seems to be taking control, it appears that the coin will continue its sideways movement within the range of approximately $2,600 to $2,700.
From the midterm point of view, one should pay attention to the nearest resistance level of $2,724.
If an outbreak occurs, there could be sufficient built-up energy to potentially reach the $2,800-$2,900 region by the end of the month.
Ethereum is trading at $2,659 at press time.
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2024-08-23 18:48