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Bulls could not withstand bears’ pressure and all top 10 coins have returned to the red zone, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has dropped by 1.83% over the last 24 hours.
On the hourly chart, the price of ETH is near the local support after a false breakout of the resistance of $3,830. If the daily bar closes below it and with no long wick, the correction is likely to continue to the $3,700 mark.
On the bigger time frame, the picture is also bearish. The rate of the main altcoin is going down against declining volume.
If bulls cannot seize the initiative shortly, there is a high chance of witnessing a test of the $3,600-$3,700 range shortly.
From the midterm point of view, one should focus on the weekly candle closure. If it happens near the vital $4,000 zone, traders may expect a resistance breakout, followed by a move to the $4,100 area.
Ethereum is trading at $3,756 at press time.
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