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Bulls do not seem ready for a continued upward move, according to CoinStats.
ETH/USD
The price of Ethereum (ETH) has fallen by 1.66% over the last 24 hours.
On the hourly chart, the rate of ETH remains bearish as it is coming back to the local support level of $3,055. If the situation does not change by the end of the day, one can expect a breakout to the $3,000 zone.
On the bigger time frame, one should pay attention to yesterday’s bar’s low. If the candle closes near it or below, the fall may continue to the vital area of $3,000 shortly.
From the midterm point of view, the rate of ETH is far from key levels, which means neither buyers nor sellers are ready for a sharp move.
In this case, ongoing sideways trading in the zone of $2,900-$3,100 is the more likely scenario.
Ethereum is trading at $3,074 at press time.
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