Bears are back in the game as the majority of the coins are red again.
Ethereum (ETH) has turned out to be more bearish than Bitcoin (BTC), going down by 7%.
On the hourly chart, Ethereum (ETH) has successfully broken the local resistance level at $1,537, which means that bulls have chances for short-term growth. If the volume remains on the same level or keeps rising, the upward move may continue to the $1,580 mark.
On the bigger time frame, the situation is not so clear. The rate is stuck in the middle of the channel after yesterday’s sharp drop. Traders can consider a bull run only if the price comes back to the level of $1,650, formed by the false breakout.
On the weekly chart, nothing crucial has happened so far as the price has not left the border of the channel. However, if the drop continues to the $1,450 mark, one can see the breakout of the support level at $1,424 soon. Such a scenario is relevant until the end of September.
Ethereum is trading at $1,548 at press time.