Even though the day has started positively for the cryptocurrency market, most of the coins have come back to the red zone.
Top coins by CoinMarketCap
ETH/USD
The rate of Ethereum (ETH) has fallen by 0.38% over the last 24 hours.
Image by TradingView
On the hourly chart, the rate of Ethereum (ETH) has come back to the local support level at $1,884. Almost all of the growth has been absorbed by one candle. If the decline continues, the breakout may lead to the test of the $1,870 zone shortly.
Image by TradingView
On the daily time frame, the price of Ethereum (ETH) has once again failed to fix above the $1,900 zone. If nothing changes by the end of the day, the drop may continue to the $1,840 area. Such a scenario is relevant until the end of the week.
Image by TradingView
From the midterm point of view, none of the sides has seized the initiative, which means that ETH is likely to keep trading sideways to accumulate more energy for a sharp move.
Further growth is possible only if the rate gets back to the $2,000 zone and fixes above it.
Ethereum is trading at $1,890 at press time.