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The crypto market is neither bearish nor bullish in the middle of the week, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has declined by 0.58% over the last day.
On the hourly chart, the price of ETH is near the local support of $3,650. If a bounce back does not happen and the daily bar closes around that mark, one can expect a level breakout, followed by a dump to the $3,600 mark.
On the longer time frame, the rate of the main altcoin is falling after a false breakout of the $3,824 level. If the candle closes near the bar's low, traders may witness an ongoing correction over the next few days.
From the midterm point of view, one should focus on the weekly bar closure in terms of the $3,824 level.
If it happens far from it, sellers may return, which can lead to a drop to the $3,500 range.
Ethereum (ETH) is trading at $3,673 at press time.
Vladislav Sopov
U.Today Editorial Team