Sellers have seized the initiative as the prices of coins have sharply gone down.
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ETH/USD
Ethereum (ETH) has lost more than Bitcoin (BTC), declining by 5.45% since yesterday.
Image by TradingView
On the hourly chart, the rate of Ethereum (ETH) has made a false breakout of the recently formed support level at $1,726. If buyers can seize the lost initiative and get the price back to $1,760, the upward move may continue to the $1,780 mark.
Image by TradingView
On the daily time frame, the price of ETH is about to fix below the important support at $1,737. If it happens, the accumulated energy might be enough for a more profound decline to the $1,700 area within the next few days.
Image by TradingView
Bears are also more powerful than bulls from the midterm point of view. The rate has returned to the support level after its false breakout, which means that buyers are not ready to seize the initiative yet.
In this case, traders can expect a fall to the $1,600-$1,650 zone shortly.
Ethereum is trading at $1,743 at press time.
Vladislav Sopov
Yuri Molchan