As a seasoned crypto investor with several years of experience under my belt, I’ve learned to read between the lines and decipher the nuances of market trends. The current situation, as reported by CoinStats, presents an intriguing mix of gains for some coins while losses for others.
As a crypto investor, I’ve noticed that the market has been largely moving laterally lately. Some coins seem to be gaining ground, while others are experiencing losses, based on my observations using CoinStats.
ETH/USD
The price of Ethereum (ETH) has dropped by almost 2% over the last day.
As a crypto investor, I’ve noticed that every hour on the chart, Ether’s rate is rebounding after a deceptive breakdown below its local support level of $3,651. If buyers manage to maintain control, we could see further growth towards $3,800 by tomorrow.
On the day-to-day chart, the altcoin’s price action remains unclear as it hovers around the levels seen in the previous trading day, indicating a lack of significant buying or selling pressure from both bulls and bears.
It’s more probable that Bitcoin will continue trading horizontally between the prices of $3,600 and $3,800 through the remainder of the week.
Focusing on the weekly chart, pay attention to where the candle closes in relation to the resistance level of $3,993. If the closure occurs close to this price with a short wick, there may be sufficient energy for a breakout and subsequent rise towards the significant zone of $4,000.
Ethereum is trading at $3,721 at press time.
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2024-05-24 18:52