Have the today’s drop influenced the bullish bullish mid-term trend of Ethereum (ETH)?
Bulls could not withstand the bears’ pressure and all top 10 coins have come back to the red zone.
Ethereum (ETH) has followed the decline of Bitcoin (BTC), going down by 8%.
On the local chart, the rate of Ethereum (ETH) keeps declining after the breakout of the support level at $1.676. Until the price is below that mark, one should not expect further growth. Thus, the selling volume is high which means that there are high chances to see a more profound decrease.
Ethereum (ETH) is on the way to the support level on the daily time frame at $1,487. However, if buyers can keep the rate of the main altcoin above $1,500 until the end of the day, traders can expect the local bounce back.
From the mid-term point of view, today’s sharp drop might cancel the further growth, however, one needs to wait until the candle closes. If nothing changes, there is a possibility to see the test of the $1,424 mark.
Ethereum is trading at $1,594 at press time.