Ethereum (ETH) Price Analysis for July 16

Most of the coins are back to the green zone after yesterday’s correction, according to CoinMarketCap.

ETH/USD

Ethereum (ETH) is one of the biggest gainers today, rocketing by 6.26% over the last 24 hours.

Despite today’s rise, the price of ETH keeps looking bullish on the hourly chart. If the breakout of the $3,175 level happens, growth may continue to the $3,200 range tomorrow.

On the longer time frame, there are no reversal signals yet. If the daily candle closes near its bar’s peak, there are high chances of seeing an ongoing upward move to the $3,300 mark by the end of the week.

From the midterm point of view, the picture is similar. The price of the main altcoin keeps rising after the breakout of the 2,857 level.

If the situation does not change, traders may expect a test of the $3,400-$3,500 area by the end of the month.

Ethereum is trading at $3,169 at press time.