Has rate of Ethereum (ETH) touched reversal zone yet? Advertisement

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Buyers keep their pressure at the end of the week, according to CoinStats.

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ETH/USD

The rate of Ethereum (ETH) has risen by 0.52% since yesterday. Over the last week, the price has risen by 10%.

On the hourly chart, the price of the main altcoin is approaching the local support of $1,597. If the daily bar closes near it, there is a chance of a level breakout, followed by a further drop to the $1,550 mark.

On the bigger time frame, neither side is dominating as the rate is trading within yesterday's bar. Bulls may only start thinking about an upward move if a breakout of the nearest resistance of $1,689 happens and the candle fixes above it.

From the midterm point of view, the rate of Ethereum (ETH) has bounced off the support of $1,368. However, a fast bounce back is unlikely to happen as not enough energy has been accumulated yet.

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In this case, sideways trading in the area of $1,500-$1,700 is the more likely scenario.

Ethereum is trading at $1,605 at press time.