On Saturday morning, the cryptocurrency market shows recovery, but Ethereum, one of the leading cryptocurrencies, shows a decline. This article examines the current state and predictions for Ethereum.
Overall Cryptocurrency Market Status
Saturday has started with the market bouncing back, according to CoinMarketCap.
Current Situation with Ethereum
Ethereum (ETH) is the exception, falling by 1.14% over the last day. On the hourly chart, the rate of ETH has set a local support of $2,415.
Price Predictions for Ethereum
If bulls can hold the initiative and the daily bar closes near the resistance, one can expect a level breakout, followed by a test of the $2,450 zone. On the bigger time frame, the situation is more positive; traders should focus on the nearest level of $2,482. If the candle closes above it, the accumulated energy might be enough for a blast to the $2,550-$2,600 area next week.
At press time, Ethereum is trading at $2,427. The overall market situation suggests that growth is possible if certain resistance levels are breached.
