Despite the positive start to the day for bulls, bears have almost seized the initiative, according to CoinStats.
Top coins by CoinStats
ETH/USD
The rate of Ethereum (ETH) has declined by 0.87% over the last 24 hours.
Image by TradingView
On the hourly chart, the price of Ethereum (ETH) is near the local support, which means there is a high possibility of seeing a further drop.
If the breakout of the $1,696 level happens, the decrease may continue to the $1,680 zone tomorrow.
Image by TradingView
Today’s fall has not affected the technical position of ETH on the daily time frame. At the moment, traders should focus on the $1,700 zone. If buyers can hold the price above that mark, the upward move may continue.
Image by TradingView
On the bigger time frame, it is too early to make any predictions as the price of ETH has not accumulated enough energy for a continued midterm move. Respectively, ongoing consolidation in the area of $1,650-$1,750 is the more likely scenario for the next few weeks.
Ethereum is trading at $1,701 at press time.