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Bears are trying to seize the initiative at the beginning of the week, according to CoinStats.
ETH/USD
The rate of Ethereum (ETH) has dropped by 0.6% over the last day.
On the hourly chart, the price of ETH has fixed below the local support of $3,843. If bulls cannot seize the initiative until the end of the day, the correction is likely to continue to the $3,700 mark.
On the longer time frame, the rate of the main altcoin has made a false breakout of yesterday's bar high.
If nothing changes by the end of the day, traders may witness a test of the $3,600-$3,700 range shortly.
From the midterm point of view, one should pay attention to the weekly candle closure. If it happens far from the $3,900 zone, bears may come back to the game, which may lead to a drop to the $3,500 mark.
Ethereum is trading at $3,789 at press time.
Vladislav Sopov
U.Today Editorial Team