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The market is facing a correction at the beginning of the week, according to CoinStats.
ETH/USD
The price of Ethereum (ETH) has declined by 2.70% over the past day.
On the hourly chart, the rate of ETH is near the local support of $4,519. If a bounce back does not happen by the end of the day, traders can expect a level breakout, followed by a further decline to the $4,400 mark.
On the longer time frame, the price of the main altcoin is going down after a false breakout of the resistance of $4,887.
If the bar closes near its low and with no long wick, the drop is likely to continue to the $4,300-$4,400 range.
From the midterm point of view, it is too early to make any long-term predictions. If the weekly candle closes near the $4,788 mark or above, traders can expect a test of the $5,000 mark soon.
Ethereum is trading at $4,629 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team