The crypto market is neither bearish nor bullish in the middle of the week, according to CoinMarketCap. CoinMarketCap”>

ETHUSD

The rate of Ethereum ETHUSD has declined by 0.58% over the last day.TradingView”>

On the hourly chart, the price of ETH is near the local support of $3,650. If a bounce back does not happen and the daily bar closes around that mark, one can expect a level breakout, followed by a dump to the $3,600 mark.TradingView”>

On the longer time frame, the rate of the main altcoin is falling after a false breakout of the $3,824 level. If the candle closes near the bar’s low, traders may witness an ongoing correction over the next few days.TradingView”>

From the midterm point of view, one should focus on the weekly bar closure in terms of the $3,824 level. 

If it happens far from it, sellers may return, which can lead to a drop to the $3,500 range.

Ethereum ETHUSD is trading at $3,673 at press time.