September has started with the ongoing fall of the market as all of the top 10 coins are in the red area.
Ethereum (ETH) has started the new month with a fall, going down by 2%.
On the local chart, Ethereum (ETH) tried to keep the rise above the $1,573 mark; however, bears have turned out to be more powerful than bulls. At the moment, the price is on its way to the middle of the channel.
If buyers cannot hold $1,550, the drop may lead to the test of the support level at $1,533 until the end of the day.
On the bigger time frame, Ethereum (ETH) has not decided yet which way to move as neither bulls nor bears have seized the initiative so far. The upward move will be possible only if buyers return the rate above $1,600 and fix there.
On the weekly chart, the leading altcoin has made a false breakout of the previous low at $1,424. If the rate can hold above that mark until the end of the week, there are chances for a bounceback to the upper level at around $1,721. However, it might take a few weeks for that to happen.
Ethereum is trading at $1,558 at press time.