Is price of Ethereum (ETH) ready for bounce back?
The falling volume also confirms this expectation. In this case, sideways trading in the area of $1,625-$1,635 is the more likely scenario.On the daily time frame, the price of ETH has made a false breakout of yesterday's low. However, the rate keeps far from the main levels, which means that neither buyers nor sellers have seized the initiative yet.
All in all, consolidation in the range of $1,620-$1,660 is the more likely scenario until the end of the week.A similar picture can be seen on the weekly chart, as the candle is located within the previous bar. At the moment, traders should pay attention to the vital zone of $1,600. If buyers lose it, the drop may continue to the support of $1,543 soon.
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