The cryptocurrency market continues to show growth as it sets new local peaks. Among the notable gainers today is Ethereum (ETH), which has risen by 4.5%.
Crypto Market Trends
The cryptocurrency market is currently experiencing a rise, establishing new local peaks. This indicates a growing interest from investors in various assets.
Ethereum Forecast
Ethereum (ETH) has notably increased by 4.5% today. However, ETH's current price is near the local support level of $2,765. If a breakout occurs, a further decline to the $2,750 zone could be likely. This scenario is relevant until tomorrow.
Current Metrics
On a longer timeframe, the price of ETH has nearly touched a resistance level of $2,827. If today's bar closes with a long wick and far from yesterday's candle peak, a decline to the $2,700-$2,750 range may soon occur.
At the time of writing, Ethereum is trading at $2,769. Investors should focus on the weekly bar's closure, as it may influence future price movements.
