Ethereum (ETH) Price Analysis for December 17

The market is again in the red zone as the prices of most of the coins are going up, according to CoinMarketCap.

$ETH/USD

The rate of Ethereum ($ETH) has risen by 2.83% over the last 24 hours.

On the hourly chart, the price of $ETH is going up after a breakout of the local resistance of $2,974. If bulls can hold the gained initiative, the upward move is likely to continue to the $3,100 range.

On the longer time frame, the rate of the main altcoin has once again bounced off the support of $2,894.

If the daily bar closes near its peak, traders may witness a test of the $3,100-$3,200 range by the end of the week.

From the midterm point of view, the picture is less bullish. The price of $ETH is in the middle of the wide channel, between the support of $2,624 and the resistance of $3,396. The volume has dropped, and sideways trading is the most likely scenario.

Ethereum is trading at $3,017 at press time.