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Bears are controlling the initiative on the market today, according to CoinStats.
ETH/USD
The rate of Ethereum (ETH) has declined by 2.08% since yesterday.
Despite today's drop, the price of ETH keeps looking bearish on the hourly chart. If the breakout of the local support of $2,755 happens, the correction is likely to continue to the $2,700 zone soon.
On the bigger time frame, the rate of the main altcoin is far from key levels. In this case, one should focus on the daily bar's closure in terms of its high and low.
Denys SerhiichukIf it happens around $2,700, traders may witness an ongoing downward move to $2,600.
From the midterm point of view, it is too early to make any distant predictions. However, if the bar closes with a long wick, there is a chance to see a local bounce back to the $2,900-$3,000 area.
Ethereum is trading at $2,775 at press time.
Denys Serhiichuk
Gamza Khanzadaev
Dan Burgin
Vladislav Sopov