Bears are becoming more powerful by the end of the week as most of the top 10 coins are in the red zone.

Source: u.today

Top coins by CoinMarketCap

ETH/USD

Yesterday morning, the bears were unable to push through the support around $2,440, and the price of Ethereum (ETH) remained in a short-term sideways consolidation.

ETH/USD chart by TradingView

In the afternoon, a sharp bullish momentum broke through the resistance of $2,700 and the pair returned to the July high zone. Tonight, the price tested the level of $2,775.

Today, during the day, bulls may try to increase the volume and gain a foothold above the resistance of $2,800.

ETH/USD chart by TradingView

On the 12H chart, Ethereum (ETH) has bounced off the zone around $2,500, which means that bulls are ready to keep the ongoing rise. In this case, traders might expect a retest of the recently formed resistance at $2,699 by the end of the day.

ETH/USD chart by TradingView

On the bigger time frame, the chief altcoin has tested the liquidity zone at $2,500, followed by a bounce-off. The trading volume is low, which means that traders are accumulating power for an ongoing rise. Ethereum (ETH) may get back to $3,117 by mid-August if buyers keep dominating the market.

Ethereum is trading at $2,612 at press time.

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