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Buyers have failed to hold the local rise, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has dropped by 4.63% over the last day.
On the hourly chart, the price of ETH is in the middle of the local channel, between the support of $2,306 and the resistance of $2,449. As most of the daily ATR has been passed, there are low chances to expect any sharp moves by tomorrow.
On the bigger time frame, the rate of the main altcoin has continued to fall after yesterday's bearish closure.
Denys SerhiichukHowever, if the candle closes far from its low, traders may witness a bounce back to the $2,500 range shortly.
From the midterm point of view, there are no reversal signals yet. Until the price is below the crucial area of $2,500, there is a chance to see an ongoing decline.
Ethereum is trading at $2,401 at press time.
Tomiwabold Olajide
Gamza Khanzadaev