Ethereum (ETH) Price Prediction for August 17

Bulls are trying to seize the initiative at the end of the week, according to CoinMarketCap.

ETH/USD

The rate of Ethereum (ETH) has risen by 2.24% since yesterday. Over the last week, the price has risen by 8%.

On the hourly chart, the price of ETH might have set a local resistance of $4,576. If the daily bar closes far from that level, one can expect a correction to the $4,400 zone.

On the bigger time frame, the rate of the main altcoin is in the middle of the channel between the support of $4,093 and the resistance of $4,783.

The volume is low, which means traders are unlikely to see increased volatility soon.

From the midterm point of view, one should focus on the weekly bar closure in terms of the $4,093 level. If the candle closes far from that mark and with no long wick, the growth may continue to the $5,000 range.

Ethereum is trading at $4,531 at press time.

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