Buyers are trying to hold the initiative, according to CoinMarketCap.

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The rate of Ethereum (ETH) has risen by 1.81% over the past 24 hours.

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On the hourly chart, the price of ETH is in the middle of the local channel. As most of the daily ATR has been passed, there are low chances to expect any sharp moves by the end of the day.

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On the bigger time frame, the rate of the main altcoin is neither bearish nor bullish. As none of the sides is dominating, ongoing sideways trading in the narrow area of $2,600-$2,700 is the more likely scenario.

Image by TradingView

From the midterm point of view, one should pay attention to the nearest resistance level of $2,724.

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If it breaks out, the accumulated energy might be enough for a test of the $2,800-$2,900 area before the end of the month.

Ethereum is trading at $2,659 at press time.