Bulls have failed to keep the weekend’s rise going, and most of the coins have come back to the red zone, according to CoinMarketCap.
ETH/USD
Ethereum (ETH) is one of the biggest losers today, falling by 4.29%.
On the hourly chart, the rate of ETH has made a false breakout of the local support of $2,352. However, if a bounce back does not happen, one can expect an ongoing drop to the $2,300 area.
On the bigger time frame, the picture is rather more bearish than bullish. At the moment, one should focus on the bar’s closure in terms of the $2,317 level.
If it breaks out, the accumulated energy might be enough for a move to the $2,200 mark.
A more positive picture can be seen on the weekly chart. However, it is too early to make any distant predictions, as only a few days remain until the bar’s closure. But if a breakout of the $2,608 level happens, growth may lead to a test of the $2,800-$3,000 range.
Ethereum is trading at $2,446 at press time.
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