Bulls could not withstand bears’ pressure and all top 10 coins have returned to the red zone, according to CoinMarketCap. CoinMarketCap”>

ETHUSD

The rate of Ethereum ETHUSD has dropped by 1.83% over the last 24 hours.TradingView”>

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.TradingView”>

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.TradingView”>

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.