The last day of the week is neutral for the cryptocurrency market as some coins are in the red zone, while the prices of others are rising.
The rate of Ethereum (
The price of Ethereum (ETH) has bounced off the local resistance level at $1,222.10. Traders should now pay attention to the hourly support at $1,215.60. If the drop continues to that point, the rate may reach the $1,200 zone tomorrow.
On the bigger time frame, Ethereum (ETH) has not accumulated enough power for a further move. The price is located in the narrow range with neither bullish nor bearish signals.
An upward move may only happen if the rate fixes above the support level at $1,230.20.
On the weekly chart, the rate of Ethereum (ETH) has made a false breakout of the support at $1,071. If today’s candle closes with no long wicks, traders may expect to see a move to the nearest vital zone of $1,300 within the next weeks.
Ethereum is trading at $1,219 at press time.