Sellers maintain their pressure, according to CoinStats.
The price of Ethereum (
On the hourly chart, the price of Ethereum (ETH) has bounced off the local support level at $1,631. If buyers can hold the mark above it, the upward move may continue to the resistance around $1,640 tomorrow.
On the daily time frame, the rate of ETH is trading sideways, which is confirmed by low volatility. The volume keeps falling, which means that neither side is ready for a sharp move.
All in all, consolidation in the area of $1,620-$1,660 is the more likely scenario for the next few days.
On the bigger chart, traders should focus on the bar closure in terms of the nearest level at $1,571. If the candle closes near it, the drop can continue to the vital level of $1,500.
Ethereum is trading at $1,571 at press time.