According to CoinMarketCap, the market today is neither bullish nor bearish.
ETH/USD
Ethereum (ETH) rate increased by 1.33% in the past 24 hours.
On the hourly chart, ETH price has set local support at $2,857. If a pullback does not occur and the daily chart closes around that mark, the decline is likely to continue into the $2,800 range.
Neither side has the upper hand on longer time frames, as the major altcoin rates are far from important levels.
Therefore, the most likely scenario is continued sideways trading through the end of the week as volume remains low.
From a medium-term perspective, the bulls have not accumulated enough energy to take control. In this regard, we should focus on the nearest $3,000 area. A continued decline is the most likely scenario until the price falls below that mark.
At the time of writing, Ethereum is trading at $2,878.
