The last day of the week is likely to end bullish for the cryptocurrency market as most of the coins remain in the green zone.
The rate of Ethereum (ETH) has risen by 0.81% since yesterday. However, over the last week the price has dropped by 18.81%.
On the local chart, Ethereum (ETH) has bounced off the hourly support level at $1,423, which shows buyers’ power. If the correction continues, one can expect a test of resistance at $1,460 soon.
On the daily chart, the rate of Ethereum (ETH) has bounced off the support level at $1,422 again. However, one needs to pay close attention to the close of the day. If the body of the bar closes near the $1,420 mark, there is a high chance to see a sharp decline to the $1,400 zone.
From the midterm point of view, the situation is more bearish than bullish as the weekly candle is about to close near the $1,422 mark. If buyers cannot seize the initiative, traders might see a further drop of Ethereum (ETH) to another vital point at $1,356 soon.
Ethereum is trading at $1,436 at press time.