Has bounce back of Ethereum (ETH) ended by now?stake net worth Advertisement

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Bulls are stronger than bears today, according to CoinMarketCap.

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ETH/USD

The price of Ethereum (ETH) has gone up by 4.85% over the last 24 hours.

Despite today's rise, the rate of ETH is looking bearish on the hourly chart. If the daily bar closes near the formed support of $1,560, one can expect a level breakout, followed by a further decline to the $1,550 zone.

On the bigger time frame, buyers have failed to keep the growth going after yesterday's bullish closure. If the bar closes around current prices, there might be a drop to the $1,500 area.

From the midterm point of view, one should focus on the weekly candle's closure in terms of the $1,521 level. 

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If it breaks out, the correction is likely to continue to the $1,300-$1,400 range.

Ethereum is trading at $1,570 at press time.