Bears have seized the initiative after a few unsuccessful bullish attempts.
Top coins by CoinMarketCap
ETH/USD
Ethereum (ETH) has turned out to be more of a loser than Bitcoin (BTC), falling by 5.48%.
Image by TradingView
On the hourly chart, the rate of Ethereum (ETH) is trading in the middle of a narrow channel, between the support at $1,628 and the resistance at $1,655.
If buyers want to get back in the game, they need to restore the price to at least $1,650 to see a potential breakout.
Image by TradingView
On the daily time frame, the rate of Ethereum (ETH) has made a false breakout of yesterday's low at $1,631. If the candle closure happens far form that mark, there is a probability of seeing a local upward move to the $1,660 mark. Such a scenario is relevant until the end of the week.
Image by TradingView
From the midterm point of view, the rate of Ethereum (ETH) has approached an important zone of $1,600. If the breakout of it occurs, the midterm decline is likely to continue to the $1,400-$1,500 area.
Ethereum is trading at $1,640 at press time.