Buyers are again more powerful than bears today, according to CoinStats.
ETH/USD
The rate of Ethereum (ETH) has risen by 4.57% since yesterday.
The price of ETH is falling after a false breakout of the local resistance of $3,421. If the daily bar closes far from that mark, the decline is likely to continue to the $3,300 range.
On the bigger time frame, one should focus on the daily candle’s closure in terms of its peak. If it happens near $3,400 and above, there is a chance to see a test of the $3,500 zone shortly.
From the midterm point of view, none of the sides is dominating. The volume is low, which means neither bulls nor bears are ready for sharp moves.
All in all, ongoing sideways trading in the range of $3,300-$3,500 is the more likely scenario.
Ethereum is trading at $3,394 at press time.
