According to data from CoinStats, the cryptocurrency market is predominantly in the green following a recent slight downturn. Ethereum (ETH) has emerged as one of the day's biggest gainers, with its price rocketing by almost 7%. At the time of reporting, ETH is trading at $3,336.
Technical analysis reveals that on the hourly chart, ETH's price is currently distant from immediate support and resistance levels, suggesting a lack of clear dominance from either bulls or bears. The most probable scenario in the short term is ongoing sideways trading around current prices. On a longer time frame, the price of the leading altcoin is holding above the $3,230 level. Analysts note that if buyers can maintain their momentum, the upward move could potentially continue toward the $3,500 area this week. From a mid-term perspective, ETH has broken the $3,223 level, and if this trend holds, the accumulated energy might fuel further growth into the $3,500-$3,700 range.
Meanwhile, Bitcoin (BTC) has seen a more modest increase of 1.57% over the last 24 hours, trading at $91,989. On the hourly chart, BTC's price is hovering near a local support level of $91,800. A failure to bounce off this level could lead to a breakout and a subsequent correction toward the $91,000 zone. The longer-term outlook hinges on whether BTC can close above the $94,172 resistance level; remaining below it increases the chance of a more profound drop. However, a decisive break above this resistance could provide enough energy for a surge toward the $96,000-$98,000 range.
From a mid-term point of view, neither side has gathered sufficient strength for a sharp directional move, a fact corroborated by low trading volume. Consolidation within the $91,000-$96,000 range is considered the most likely scenario until the end of the month.
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