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Buyers are trying to restore the lost initiative, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has dropped by 6.58% over the last 24 hours.
On the hourly chart, the price of ETH is approaching the local support of $3,393. If a breakout happens, the correction may continue to the $3,300 range shortly.
On the bigger time frame, bulls have failed to keep yesterday’s growth. If today’s bar closes around the current prices or below, there is a chance of a test of the support level of $3,252 by the end of the week.
From the midterm point of view, one should focus on the weekly candle closure.
Related
If it happens near $3,200, traders may witness an ongoing decline the upcoming week.
Ethereum is trading at $3,406 at press time.