The bounce back continues on the cryptocurrency market, according to CoinMarketCap.Top coins by CoinMarketCap
The rate of Ethereum ETHUSD has increased by 5.59% over the last 24 hours.Image by TradingView
On the hourly chart, the price of ETH is in the middle of the local channel. At the moment, the rate is far from key levels, which means that neither bulls nor bears have seized the initiative.
If buyers want to get back in the game, they need to restore the price above the $3,600 zone.Image by TradingView
On the bigger time frame, one should focus on the daily bar closure in terms of the nearest level of $3,547. If it happens above that and with no long wick, growth is likely to continue to the $3,700 area.Image by TradingView
From the midterm point of view, one should wait until the candle closes. If the bar closes around current prices, bulls may again seize the initiative, which can lead to a test of the vital $4,000 area.
Ethereum is trading at $3,547 at press time.
