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Sellers have seized the situation on the market today, according to CoinStats.
ETH/USD
The rate of Ethereum (ETH) has fallen by almost 1% since yesterday.
On the hourly chart, the price of the main altcoin is near the support of $2,434. If buyers cannot seize the initiative, the correction is likely to continue to the $2,400 range tomorrow.
On the longer time frame, bears are also more powerful than bulls. If the daily candle closes below yesterday's bar's low, there is a high chance of seeing a test of the support soon.
From the midterm point of view, the picture is less clear. The rate of ETH is in the middle of the wide channel, which means none of the sides is dominating.
This statement is also confirmed by the low volume. In this case, sideways trading in the area of $2,300-$2,600 is the most likely scenario.
Ethereum is trading at $2,439 at press time.
Vladislav Sopov
U.Today Editorial Team