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According to CoinMarketCap, most coins are about to close in the bullish zone on the last day of the week.
ETH/USD
Ethereum (ETH) rate has increased by 0.75% since yesterday. Last week, the price fell by 6.85%.
On the hourly chart, the price of the major altcoin is moving back towards the recently formed local resistance at $2,942. If buyers can maintain the initiative gained, a breakout is possible and a subsequent move to the $2,970 zone is possible.
The daily chart shows a less positive picture. Even if the candlestick ends near the current price, the accumulated energy will not be enough for further upside.
In this case, consolidation in the $2,900-$2,950 range over the next few days is a more likely scenario.
From a medium-term perspective, the weekly price is approaching the support level of $2,850. If seller pressure continues, we expect the pair to test the $2,600-$2,700 range by the end of the month.
At the time of writing, Ethereum is trading at $2,932.
About the author
Denis Selhychuk
