How big are the chances of Ethereum (ETH) to show a local bounce back?
The new week has started with the continued fall of the cryptocurrency market as all top 10 coins are in the red zone.
Top coins by CoinMarketCap
ETH/USD
The rate of Ethereum (ETH) has declined by 7% since yesterday while the price change over the last week has accounted for -23.54%.
ETH/USD chart by TradingView
On the 4H chart, Ethereum (ETH) broke the support at $2,040 having confirmed the bearish influence. Despite the decline, the ongoing fall may continue supported by the high selling trading volume.
In this case, there is a high chance to see the price decrease to the next level at $1,730.
ETH/USD chart by TradingView
On the bigger chart, the mid-term scenario is also more bearish than bullish as Ethereum (ETH) has already fixed below the vital level at $2,000. Respectively, sellers might get the rate of the chief altcoin to $1,520 within the next days.
ETH/USD chart by TradingView
On the weekly time frame, the fall seems like it's not going to stop. That is why, Ethereum (ETH) can get to the level at $1,000 if bears can break the zone around $1,500.
Ethereum is trading at $1,956 at press time.
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Author
Denys Serhiichuk
U.Today
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.
