The market might have found the local bottom as most of the coins are in the green zone.
Ethereum (ETH) is one of the biggest gainers today, rising by more than 7%.
On the hourly chart, Ethereum (ETH) has bounced off the support level at $1,171. At the moment, the price is trying to fix above the resistance at $1,310. If buyers can do that by the end of the day, there are chances to see further growth tomorrow.
On the bigger time frame, the situation is also positive as the rate is able to fix above yesterday’s high at $1,336. If that happens and the volume keeps rising, bulls might seize the initiative and try to restore the rate to the next resistance zone around $1,500.
Analyzing the chart against Bitcoin (BTC), Ethereum (ETH) has almost immediately gotten back in the game as the bar is about to close in the bullish zone, above BTC 0.07175.
In this case, traders might see a further rise to the BTC 0.08 mark shortly.
Ethereum is trading at $1,334 at press time.