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The bounce back has not lasted long as most of the coins are again in the red zone.
ETH/USD
The rate of Ethereum (ETH) has fallen by almost 1% over the last 24 hours.
On the hourly chart, the price of ETH might have set a local support level at $2,243. If the daily bar closes near that mark, there is a chance to see a breakout, followed a further decline to the $2,000 zone.
Bulls could not keep the rise going after yesterday’s bullish candle. If the situation does not change until the end of the day, the correction may continue to the nearest support level of $2,145.
On the weekly time frame, the rate of ETH might need time to accumulate energy before a further sharp move.
In this case, sideways trading between $2,100-$2,300 is the more likely scenario for the second part of the month.
Ethereum is trading at $2,246 at press time.