According to CoinMarketCap, the market is once again in the red zone with most coins increasing in price.
ETH/USD
Ethereum (ETH) rate has increased by 2.83% in the past 24 hours.
On the hourly chart, ETH price is rising after breaking the local resistance at $2,974. If the bulls can take control, the rally is likely to continue into the $3,100 range.
Looking at the longer time frame, the major altcoin rates once again rebounded from the support at $2,894.
If the daily chart closes near the all-time high, traders could see a test of the $3,100 to $3,200 range by the end of the week.
From a medium-term perspective, the situation is not so bullish. ETH price is in the middle of a wide channel between support at $2,624 and resistance at $3,396. Volume is down and a sideways trade is the most likely scenario.
At the time of writing, Ethereum is trading at $3,017.
