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Denys Serhiichuk

Can rate of Ethereum (ETH) withstand sellers’ pressure on Bitcoin (BTC)?

The market has almost entirely come back to the red zone, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap


Ethereum (ETH) has lost more than Bitcoin (BTC), going down by 2.74%.

ETH/USD chart by TradingView

Despite the fall, the price of Ethereum (ETH) has made a false breakout of the local support level at $1,896. If the daily closure happens far from the $1,900 mark, a bounce back may continue to the $1,920-$1,930 zone tomorrow.

ETH/USD chart by TradingView

On the bigger time frame, the situation remains bearish as the bar is about to close below yesterday’s low at $1,913.60. In this case, there is a high possibility of seeing a further decline to the next important support level at $1,846. Such a scenario is relevant until the end of the week.

ETH/USD chart by TradingView

From the midterm point of view, the rate of Ethereum (ETH) has returned to the middle of a wide channel. The price is located below the crucial $2,000 mark, which means that sellers have seized the initiative.

However, the leading altcoin is still far from the support at $1,715. All in all, sideways trading in the range of $1,850-$1,950 is the more likely scenario until the end of the month.

Ethereum is trading at $1,909 at press time.

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