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Bulls have started losing the initiative, according to CoinStats.

ETH/USD

The rate of Ethereum (ETH) has increased by 4.37% over the last 24 hours.

On the hourly chart, the price of ETH has broken the local resistance of $3,370. If buyers can hold the gained initiative, the upward move is likely to continue to the $3,500 area by tomorrow.

On the bigger time frame, one should focus on the daily bar's closure. If it happens around current prices, traders may witness a test of the $3,500-$3,600 zone by the end of the week.

From the midterm point of view, the picture is less bullish. The rate of the main altcoin is far from the main levels. 

In this case, sideways trading around the current prices is the more likely scenario.

Ethereum is trading at $3,404 at press time.