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The cryptocurrency market has faced a sharp drop, and all of the top 10 coins are in the red zone.
Top coins by CoinMarketCap
ETH/USD
The rate of Ethereum (ETH) has dropped by 6.43% over the last 24 hours.
Image by TradingView
Despite the sharp fall, the rate of Ethereum (ETH) remains bearish on the hourly chart as its rate is on its way to testing the support level of $1,662. If the daily candle closes around it, the drop may continue to the $1,600-$1,650 zone shortly.
Image by TradingView
On the daily time frame, the rate of Ethereum (ETH) has made a false breakout of the support at $1,631. There are no prerequisites for a reversal, however, if the bar closes far from the mentioned mark, there is a possibility of seeing consolidation in the area of $1,650-$1,700 within the next few days.
Image by TradingView
From the midterm point of view, the price of Ethereum (ETH) has bounced off the support at $1,571.
If the weekly candle closes above the $1,600 mark, one can expect a slight correction to the $1,700 zone by the end of the month.
Ethereum is trading at $1,664 at press time.
Vladislav Sopov