The market is facing bearish pressure; however, some coins keep rising, according to CoinStats.
The rate of Ethereum (ETH) has risen by almost 1% since yesterday.
On the local chart, the price of ETH has made a false breakout of the support level of $2,022. If the daily candle closes far from this mark, the bounce back may happen to the interim zone of $2,050 tomorrow.
Today’s bearish candle has not affected the technical picture on the daily time frame.
As none of the sides is dominating, ongoing sideways trading in the area of $2,000-$2,100 is the more likely scenario for the current week.
A similar situation can be seen on the weekly chart. At the moment, one should focus on the important area of $2,000. If the rate of ETH remains above that, there is a possibility to see a further rise to the $2,200 range.
Ethereum is trading at $2,031 at press time.
Read the full article here