Ethereum (ETH) has seen a slight increase of 0.27% in its price over the last 24 hours, returning to the green zone, according to CoinMarketCap. However, despite this rise, the hourly chart indicates a bearish trend as the price is approaching the local support level of $3,317. If the daily bar closes around this level, there is a possibility of a breakout, leading to a move towards the $3,300 area.
On a larger time frame, traders should keep an eye on the nearest interim zone of $3,300. A breakout from this level could provide enough momentum for a test of the $3,200 range by the end of the week. However, from a midterm perspective, Ethereum’s price is currently far from key levels, resulting in a drop in volume. This indicates that neither bulls nor bears are prepared for a significant move, limiting the potential for sharp price fluctuations in the near future.
Despite the lack of significant movement in the price of Ethereum at the moment, traders remain cautious as the overall market sentiment remains uncertain. Ethereum is currently trading at $3,342 at the time of writing, and investors are advised to closely monitor key support and resistance levels for potential trading opportunities in the coming days.
In conclusion, Ethereum has experienced a slight uptick in price in the last 24 hours, returning to the green zone. However, the hourly chart suggests a bearish trend as the price approaches the local support level of $3,317. Traders should focus on the $3,300 area for potential breakout opportunities, with a possible move towards the $3,200 range by the end of the week. Despite the lack of significant movement at present, investors are advised to remain vigilant and monitor key levels for potential trading opportunities in the near future.
