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A new week has started with the fall of the market, according to CoinStats.
ETH/USD
Ethereum (ETH) is one of the biggest losers today, falling by 6.51%.
Despite today's drop, the leading altcoin keeps looking bearish on the hourly chart. If the daily bar closes near the support, there is a high chance of seeing a test of the $4,000 mark shortly.
On the longer time frame, the rate of ETH has almost tested the support level of $4,067.
However, if a bounce back does not happen by the end of the day, traders may witness a breakout, followed by an ongoing drop to the $3,800 zone.
From the midterm point of view, the picture is similar. Thus, the volume is low, which means buyers are weaker than sellers at the moment. All in all, if the weekly candle closes around the current prices or below, one can expect a test of the $3,800 mark by the end of the month.
Ethereum is trading at $4,169 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team