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The bears' pressure remains relevant on the cryptocurrency market, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has declined by 2.53% over the last day.
On the hourly chart, the price of ETH might have found a local support level of $3,237. If the daily bar closes far from this mark, the rise may lead to the test of the $3,320 zone tomorrow.
On the bigger time frame, the rate of the main altcoin has once again bounced off the $3,214 level. If buyers can hold the gained initiative, there is a chance to see a local rise to the $3,350-$3,400 area by the end of the week.
A less positive picture can be seen on the weekly chart. The bar is trading near its low, which is a bearish signal in the midterm scenario. In this case, it is too early to think about a fast bounce back.
All in all, there is a still a possibility to see a test of the vital $3,000 zone soon.
Ethereum is trading at $3,283 at press time.
Tomiwabold Olajide
Gamza Khanzadaev
Yuri Molchan
