The new week has begun with a neutral mood on the cryptocurrency market as some coins are in the red zone while others remain in the green.
Top coins by CoinMarketCap
ETH/USD
Last Saturday, buyers were able to pull the ETH/USD pair out of short-term consolidation and break above the $2,500 resistance.
ETH/USD chart by TradingView
On Sunday, the bulls ran to the resistance of $2,700, but no one wanted to buy Ethereum and the price returned to the area of $2,500. The decline has stopped, but the volume of purchases is not increasing.
One may believes that, today, the rollback may continue to the two-hour moving average EMA55.
ETH/USD chart by TradingView
On the 4H chart, the leading altcoin is rather bullish than bearish as it has fixed above the vital level of $2,555. There are few chances that it will go below it as sellers have run out of power based on a high trading volume. In this case, the more likely price action is the ongoing rise to the nearest resistance at $2,950.
ETH/USD chart by TradingView
On the daily time frame, Ethereum (ETH) is trading in the zone of the most liquidity around $2,500. Even though the mid-term trend remains bullish, buyers need to gain more energy for continued growth. In this regard, the test of the recently formed mirror level may happen within the next few days. One may expect a bounceback from the $2,400 mark.
Ethereum is trading at $2,569 at press time.
Any financial and market information given on U.Today is written for informational purposes only. Conduct your own research by contacting financial experts before making any investment decisions.
Recommended Content
Editors’ Picks
Gillian Lynch, head of EU at Gemini: “The next phase of crypto growth will be exponential”
Gillian Lynch is the Head of Ireland and EU at Gemini, the US crypto exchange founded by Cameron and Tyler Winklevoss. FXStreet interviewed her during the European Blockchain Convention 2024 in Barcelona, where Lynch expressed her optimism about the crypto industry.
Ethereum risks decline to $2,395 amid impressive ETF inflows
Ethereum traded around $2,600 on Monday, down 2% on the day. In the past 24 hours, ETH has seen $29.94 million in liquidations, with long and short liquidations accounting for $24.9 million and $5.04 million, respectively.
Dogwifhat and BONK defy crypto market decline
WIF and BONK are up about 6% in the past 24 hours. The meme coin market cap is down nearly 6% following declines sustained in DOGE, SHIB and PEPE. WIF could rally toward $2.939 if it smashes resistance near $2.643.
XRP fails to close above $0.65 support, while Ripple CEO offers optimistic outlook on crypto market cap
XRP fails to close above $0.6500, a key psychological barrier for the altcoin’s holders. The top Ripple executive made headlines for comments on the market capitalization of crypto expanding.
Bitcoin Weekly Forecast: $70,000 mark on sight as bulls remain strong
Bitcoin has risen around 3% so far this week, breaking above its range upper limit of $64,700. This gain was supported by increased institutional demand for ETFs, which recorded inflows of more than $612 million this week.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.