Bears have turned out to be more powerful than bulls on the first day of September.
The rate of Ethereum (ETH) has fallen by almost 4% over the last 24 hours.
Despite today's fall, there are no reversal signals yet, even on the hourly chart. The price of Ethereum (ETH) is on its way to testing the local support level of $1,630. If the bar closes near it, the breakout may lead to a sharp drop to the $1,600 zone soon.
A similar situation can be seen on the daily time frame. Traders should focus on the closest level of $1,622. If buyers lose it, the accumulated energy might be enough for a more profound drop to the $1,550-$1,600 range within the next few days.
A less positive picture can be see on the weekly time frame, as the rate is far from the support level. However, the bar is far from the closure, which means it is too early to draw any conclusions. But if the candle closes below the $1,600 zone, there is a good possibility of seeing the test of the $1,543 mark next week.
Ethereum is trading at $1,629 at press time.