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Most of the coins are not ready to bounce back, according to CoinMarketCap.
ETH/USD
Ethereum (ETH) is one of the biggest losers today, falling by 7.7%.
On the hourly chart, the price of ETH is going down after a false breakout of the local resistance of $1,929. If the daily bar closes far from that mark, traders may witness a test of the support by tomorrow.
On the bigger time frame, the rate of the main altcoin has bounced off the nearest support level of $1,810.
Denys SerhiichukHowever, if sellers' pressure continues and the candle closes near that mark or below it, one can expect an ongoing drop to the $1,700 area.
From the midterm point of view, there are no reversal signals yet. If the rate of ETH does not return above $2,000, there is a high chance to see a test of the support of $1,463 shortly.
Ethereum is trading at $1,853 at press time.
Dan Burgin
Vladislav Sopov