According to CoinStats, most of the coins are trying to move back into the bullish zone.
Ethereum/USD
Ethereum rate (Ethereum) is up 2% compared to the past day.
On the hourly chart, Ethereum After falsely breaking support, it is heading towards local resistance at $2,970.
If the pressure from the bulls continues, traders may witness a test of the $2,980-$2,990 range tomorrow.
On the larger time frame, the rates of major altcoins are within the range of yesterday’s candlesticks, which means that neither the bulls nor the bears have the upper hand. In this regard, consolidation in a narrow range of $2,900 to $3,000 is the more likely scenario.
From a medium-term perspective, the bulls have not been able to sustain the rally after the previous bullish bar closed. If the candlestick closes near or below the current price, the decline could continue to next month’s support at $2,624.
At the time of writing, Ethereum is trading at $2,963.
