The cryptocurrency market has continued to rise after yesterday’s rally as all of the top 10 coins are in the green zone.
The rate of Ethereum (ETH) has rocketed by almost 10% over the previous 24 hours.
On the local time frame, Ethereum (ETH) is trading in a wide channel, accumulating power for a further move.
If bulls can hold the initiative until the end of the day, the leading altcoin might test the $1,700 mark tomorrow.
On the daily chart, Ethereum (ETH) has confirmed bulls’ efforts to keep the rise going. The rising buying volume also means that there are more chances to see an upward move to the $1,750-$1,800 zone at the beginning of August.
From the midterm point of view, Ethereum (ETH) has made a false breakout of the mirror level at $1,476, which means that buyers are strong enough for a continued rise. All in all, the breakout of $1,700 might lead to a sharp growth to the vital area of $2,000.
Ethereum is trading at $1,651 at press time.