The market keeps trading sideways as none of the sides has seized the initiative.
Unlike Bitcoin (BTC), the rate of Ethereum (ETH) is falling by 2.84% over the last 24 hours.
Ethereum (ETH) has broken the local support level at $1,724 on the hourly chart. If buyers cannot seize the initiative until the end of the day, there is a chance to see the test of the vital $1,700 mark tomorrow.
On the daily time frame, the sitaution is also rather more bearish than bullish, as Ethereum (ETH) could not fix above $1,800. At the moment, one needs to pay attention to the support at $1,705. If a false breakout happens, the bounceback may lead to the short-term growth to the $1.750 zone.
From the midterm point of view, the situation remains unclear as the new week has just started. However, if the decline below $1,721 continues, one can expect the test of another important level at $1,650. Such a scenario is relevant until the end of the month.
Ethereum is trading at $1,711 at press time.