Even though bulls are still controlling the situation, some cryptocurrencies have returned to the red area.
Ethereum (ETH) has gone down by 0.05% over the past 24 hours.
On the hourly chart, Ethereum (ETH) is returning to the recently formed support level at $1,707. If buyers cannot stop bears’ pressure, one can expect to see a drop to the $1,690-$1,700 zone.
On the daily chart, Ethereum (ETH) has made a false breakout of yesterday’s peak at $1,745. However, the leading altcoin remains bullish while the price is above the $1,687 mark. Respectively, the more likely scenario is sideways trading between the aforementioned levels.
On the weekly time frame, Ethereum (ETH) is trading near the level of $1,721. If buyers can hold the gained initiative and the situation does not change by the end of the week, the growth may continue to the $1,900-$2,000 area shortly.
Ethereum is trading at $1,716.90 at press time.