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Bears are more powerful than bulls even though some coins are in the green zone, according to CoinStats.
ETH/USD
The price of Ethereum (ETH) is almost unchanged since yesterday.
On the hourly chart, the rate of ETH is breaking the local support of $3,342. If it happens, the decline may lead to the test of the $3,300 area by tomorrow.
On the longer time frame, the price of the main altcoin is trading within yesterday’s bar, which means neither buyers nor sellers have accumulated enough strength to seize the initiative.
In this regard, sideways trading in the range of $3,300-$3,500 is the most likely scenario.
From the midterm point of view, traders should pay attention to the nearest support of $2,857. If the weekly bar closes near that mark, the drop may continue to the $2,500-$2,800 range.
Ethereum is trading at $3,342 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team