Can bounce back of Ethereum (ETH) start from current prices?Hand of Midas 2 demo Advertisement Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Bulls lack energy to keep the market growth going, according to CoinStats.
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Ethereum (ETH) is one of the biggest losers today, going down by 5.36%.
On the hourly chart, the rate of ETH is on its way to the local support of $1,551. If bulls cannot seize the initiative, the level breakout may lead to a test of the $1,500 zone shortly.
On the bigger time frame, the price of the main altcoin is going down after a false breakout of the resistance of $1,689.
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If the candle closes near the daily bar low, there is a chance to see it drop to the $1,450-$1,500 area soon.
From the midterm point of view, one should pay attention to the nearest support of $1,537. At the moment, the picture is bearish as the rate is coming back. If the price fixes below it, the correction is likely to continue to the $1,300 mark.
Ethereum is trading at $1,569 at press time.
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