The cryptocurrency market is witnessing a rise in Ethereum (ETH) prices, which increased by 10% over the last week. This article presents an analysis of the current situation and future predictions.
Overview of Ethereum Price Changes
In the last day, the price of Ethereum has increased by 0.52%. Currently, it stands at $1,605.
Current Support and Resistance Levels
On the hourly chart, the price of ETH is approaching local support at $1,597. If the daily candle closes near this level, a breakout is possible, leading to a drop to $1,550.
On a larger time frame, the market is balanced, with the price trading within yesterday's range. The bulls may consider an upward move if the nearest resistance at $1,689 is broken.
Future Predictions for Ethereum
From a mid-term perspective, ETH has bounced off the support level at $1,368. However, a quick recovery seems unlikely due to insufficient momentum. Sideways trading in the range of $1,500-$1,700 is the more probable scenario.
The current price dynamics of Ethereum shows growth, but sideways trading is expected in the near future. Investors should monitor support and resistance levels to understand potential market changes.
