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A new week has started with the market decline, according to CoinMarketCap.
ETH/USD
The price of Ethereum (ETH) has dropped by 7% over the last 24 hours.
On the hourly chart, the rate of ETH is near the local support of $2,806. If a bounce back does not happen until the end of the day, the correction may lead to a level breakout, followed by a test of the $2,750 range.
On the longer time frame, the price of the main altcoin is going down after a false breakout of the $3,071 resistance.
If the daily bar closes near $2,800 or below, there is a high chance to witness a further downward move to the support of $2,623.
From the midterm point of view, one should focus on the candle's closure in terms of the $2,788 level. If its breakout happens, the accumulated energy might be enough for a more profound decline to the $2,600-$2,700 range.
Ethereum is trading at $2,820 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team