Bulls could not hold the weekend’s bounce back of the market as the rates of the coins are falling.
Ethereum (ETH) is feeling worse than Bitcoin (BTC), declining by 1.36%.
Despite the decline, the price of Ethereum (ETH) is rising on the hourly chart after the false breakout of the support level at $1,241.70. At the moment, the rate is located close to the resistance at $1,257.30. If a breakout occurs, there is a good chance to see the test of the $1,265-$1,270 area shortly.
On the bigger time frame, the situation is unclear as Ethereum (ETH) keeps locating in a narrow range. This means that the accumulated strength is not enough for a further move. Traders can consider a short-term rise only if the rate fixes above the important $1,300 mark.
A similar pattern can be seen on the daily time frame against Bitcoin (BTC), as neither bulls nor bears are dominating at the moment. The rise may start only in case of fixation above the resistance level at 0.076133.
Ethereum is trading at $1,254 at press time.