Ethereum (ETH) Price Analysis for July 17

The market remains mainly in the green zone, according to CoinMarketCap.

ETH/USD

Ethereum (ETH) is one of the biggest gainers today, rising by 6.15%.

On the hourly chart, the rate of ETH is going down after a false breakout of the resistance of $3,478. If sellers’ pressure continues, one can expect an ongoing decline to the support by tomorrow.

On the bigger time frame, traders should focus on the daily bar’s closure in terms of the $3,425 level.

If it happens far from it, bears may seize the initiative, which may lead to a drop to the $3,300 range.

From the midterm point of view, the rate of the main altcoin has tested the $3,453 resistance. If bulls can hold the gained initiative and keep the price near that mark, there is a chance to see a level breakout, followed by a further rise to the $3,750-$4,000 range.

Ethereum is trading at $3,403 at press time.