As a seasoned analyst with over a decade of experience in the cryptocurrency market, I have seen bull runs and bear markets come and go. Today, I find myself looking at Ethereum (ETH), which has shown a slight increase of 0.27% over the last 24 hours. While this might seem like a promising start, the hourly chart indicates a bearish trend with the price returning to the local support level of $3,317.
Some coins have returned to the green zone today, according to CoinMarketCap.
ETH/USD
The price of Ethereum (ETH) has slightly increased by 0.27% over the last 24 hours.
Regardless of today’s increase, the Ethereum rate appears to be trending downward on the hourly chart, and the price is approaching its local support level at approximately $3,317. If the day ends near this level, there might be a potential for a breakout, leading to a possible drop towards the $3,300 region.
Looking at a larger perspective, it’s advisable to concentrate on the immediate price band around $3,300. If this level is breached, there could be sufficient momentum to push prices towards the $3,200 region by the close of the current week.
Looking at the midpoint, the current price of the primary altcoin is significantly away from critical price points. As a result, trading volume has decreased, indicating that neither buyers (bulls) nor sellers (bears) are prepared to make a significant, swift move in either direction.
In this case, traders are unlikely to see ups or downs shortly.
Ethereum is trading at $3,342 at press time.
Read More
- REPO: All Guns & How To Get Them
- Top 5 Swords in Kingdom Come Deliverance 2
- 6 Best Mechs for Beginners in Mecha Break to Dominate Matches!
- REPO: How To Play Online With Friends
- Unleash Willow’s Power: The Ultimate Build for Reverse: 1999!
- All Balatro Cheats (Developer Debug Menu)
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- POL PREDICTION. POL cryptocurrency
- Unlock the Ultimate Armor Sets in Kingdom Come: Deliverance 2!
2024-12-27 18:50