On May 13th, almost all cryptocurrencies entered the red zone. ETH ranged $4,014 to $3,561. After the established daily low, the price rose above $3,600
Currently, the coin is traded at $3,680. The nearest resistance is at $4,000. The Bulls, who seem to be accumulating strength, will have to compete for the next goal $4,400.
Given that no further decline has occurred, we think ETH will maintain its current position and is likely to rise in value towards the end of the week.
The common market, as they said today, is in the red zone. Strong bearish momentum hit almost all cryptocurrencies. Bitcoin lost more than 10% in 24 hours. Some cryptocurrencies have fallen by 15-20%.
The bearish momentum began at night, when at around 23:00 the price of ETH began to fall rapidly. It dropped from $4,235 to $3,618 per hour. This is a serious fall, as throughout today the cryptocurrency has not been able to recover.
This is probably due to the general bearish impulse. The good news is that the price did not go lower. Also in 24 hours, the volume of trades increased (32%) and market dominance (20%).
The 4-hour chart shows that the level of $3,600 is a support for the cryptocurrency. Currently, the coin is trading at above $3,700, so on May 14 our forecast is optimistic.
ETH has been well supported by a strong bullish momentum since late April. Thanks to him, we saw how on Monday, after reaching the new ATH, the cryptocurrency tried to test the support level of $3,600.
On Tuesday, the situation with Ethereum was the same. There is high volatility. The price of the cryptocurrency fluctuated between $4,200-$3,600. In comparison with Bitcoin, the situation looks more optimistic. Thus, as we have already said, by the end of the week ETH tokens can go up.
You can find out the current price of Ethereum on the Binance exchange.
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