Ethereum (ETH) Price Analysis for July 19

The weekend has started bearish for most of the coins, according to CoinMarketCap.

ETH/USD

The rate of Ethereum (ETH) has dropped by 1.66% over the last 24 hours.

On the hourly chart, the price of ETH has made a false breakout of the local resistance of $3,599. If sellers’ pressure continues, the decline may continue to the support of $3,500 by tomorrow.

On the bigger time frame, neither side is dominating as the rate of the main altcoin is within yesterday’s candle.

If the situation does not change, sideways trading in the narrow range of $3,500-$3,600 is the more likely scenario.

From the midterm point of view, the rate of ETH has tested the resistance of $3,675. If a breakout happens, the upward move may continue to the vital $4,000 zone.

Ethereum is trading at $3,560 at press time.