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Ethereum (ETH) Price Analysis for December 17
Source: CryptoNewsNet Original Title: Ethereum (ETH) Price Analysis for December 17 Original Link: The market is again in the red zone as the prices of most of the coins are going up, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has risen by 2.83% over the last 24 hours.
On the hourly chart, the price of ETH is going up after a breakout of the local resistance of $2,974. If bulls can hold the gained initiative, the upward move is likely to continue to the $3,100 range.
On the longer time frame, the rate of the main altcoin has once again bounced off the support of $2,894. If the daily bar closes near its peak, traders may witness a test of the $3,100-$3,200 range by the end of the week.
From the midterm point of view, the picture is less bullish. The price of ETH is in the middle of the wide channel, between the support of $2,624 and the resistance of $3,396. The volume has dropped, and sideways trading is the most likely scenario.
Ethereum is trading at $3,017 at press time.