As the weekend begins, CoinMarketCap has reported a correction in some coins, including Ethereum (ETH). The price of ETH has seen a 1.60% increase over the last 24 hours, bringing it to $3,668 at press time.
Looking at the hourly chart, ETH is trading within a local channel with support at $3,578 and resistance at $3,726. With most of the Average True Range (ATR) already passed, it is unlikely that there will be any sharp moves by the end of the day.
On a larger time frame, traders should keep an eye on the $3,684 level for a potential bar closure. A false breakout at this level could signal a drop to the $3,500-$3,600 range in the near future.
Despite no reversal signals in the midterm, ETH is still trading far from key levels. This suggests that sideways trading within the $3,500-$3,800 range is a more probable scenario for now.
Overall, Ethereum’s price movements are currently pointing towards a period of consolidation and range-bound trading. Traders and investors should monitor key levels closely to anticipate any potential breakout or breakdown in the coming days.
In conclusion, while ETH has seen a slight increase in price recently, it remains within a consolidation phase with key levels to watch for potential price movements. As the cryptocurrency market continues to evolve, staying informed and monitoring price trends is essential for successful trading and investing in Ethereum.
