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Sellers are not going to give up easily, according to CoinStats.
ETH/USD
The rate of Ethereum (ETH) has declined by 1.1% over the last day.
On the hourly chart, the price of ETH is near the local support at $2,935. As most of the daily ATR has passed, there are low chances of seeing sharp moves by tomorrow.
However, if a bounce back does not happen, the decline is likely to continue to the $2,900 zone.
On the longer time frame, the situation is rather bearish as the rate of the main altcoin has not bounced off far from the support after its false breakout. If the candle closes below the $2,888 level, traders may witness a test of the $2,800 range soon.
From the midterm point of view, the price of ETH is in the middle of the channel between the support at $2,624 and the resistance at $3,447. The volume keeps falling, which means traders are unlikely to see sharp moves by the end of the month.
Ethereum is trading at $2,948 at press time.
Denys Serhiichuk
Godfrey Benjamin
Tomiwabold Olajide
Gamza Khanzadaev