Buyers are trying to hold the gained initiative at the beginning of the weekend, according to CoinStats.
ETH chart by CoinStatsETH/USD
The rate of Ethereum (ETH) has gone up by 2.20% over the past 24 hours.
Image by TradingView
On the hourly chart, the price of ETH is rising after a false breakout of the local support level of $2,411. If the daily bar closes far from it, the growth may continue to the resistance by tomorrow.
Image by TradingView
On the bigger time frame, traders should focus on the level of $2,466. If a breakout happens, the accumulated might be enough for a continued upward move to the $2,500-$2,600 range.
card
Such a scenario is relevant until the end of the upcoming week.
Image by TradingView
From the midterm point of view, buyers do not have enough strength to keep rising even if the weekly bar closes around the current prices. In this case, a consolidation in the zone of $2,300-$2,600 is the more likely scenario.
Ethereum is trading at $2,418 at press time.
