The market is trading sideways on the last working day of the week, according to the CoinMarketCap ranking.
Ethereum (ETH) is less of a gainer than Bitcoin (BTC) today, rising by 1.72%.
Despite the rise, the price of Ethereum (ETH) is coming back to the local support level at $1,729. Buyers have failed to fix above the important $1,800 mark once again, which means that a correction to $1,700 may happen shortly.
On the daily time frame, buyers could not keep the rise going after yesterday’s bullish candle. However, it is too early to think about a decline as the price is located in the middle of the channel, which means that none of the sides has seized the initiative.
But if the drop to $1,700 continues, there is a chance to see the breakout of the support at $1,717, followed by a decline to the $1,650 zone.
On the weekly chart, the candle is about to close far from the peak at $1,841, confirming the weakness of buyers. If the situation remains the same, traders are likely to see a consolidation in the area of $1,750-$1,800 in the upcoming week.
Ethereum is trading at $1,766 at press time.