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The weekend has started with a continued market correction, according to CoinMarketCap.
ETH/USD
Ethereum (ETH) has lost a lot of value today, falling by 3.64%.
On the hourly chart, the rate of ETH has made a false breakout of the local resistance of $3,535. However, one should focus on the daily bar closure.
If bulls seize the initiative and restore the price to the aforementioned mark, there is a high chance of a breakout, followed by a move to the $3,600 area.
On the bigger time frame, the price of the main altcoin has once again made a false breakout of the support of $3,458. The picture remains bearish as the rate has not bounced off far from the level. If sellers' pressure continues, one can expect a drop to the $3,300-$3,400 range.
From the midterm point of view, bulls have failed to maintain the rise after the previous bar closure. If the candle closes below $3,500, the correction may lead to a test of the $3,000 area.
Ethereum is trading at $3,499 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team