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Most of the coins keep setting new local lows, according to CoinStats.
ETH/USD
The price of Ethereum (ETH) has dropped by 4.85% over the last day.
On the hourly chart, the rate of ETH is going down after breaking the local support of $3,839. If bulls cannot seize the initiative, the correction is likely to continue to the $3,750 mark.
On the longer time frame, the situation is also bearish. Traders should focus on the daily candle's closure in terms of the support of $3,694.
If it breaks out, the accumulated energy might be enough for a more profound drop to the $3,800 zone.
From the midterm point of view, there are no reversal signals yet. As the rate of the main altcoin is far from main levels, one should pay attention to the interim area of $4,000. Until the price is below that mark, bears keep controlling the situation on the market. In this case, there is a high chance of seeing a test of the $3,354 support soon.
Ethereum is trading at $3,792 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team