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The market is mainly bearish in the middle of the week, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has declined by 0.12% over the last 24 hours.
On the hourly chart, the price of ETH is near the local resistance of $3,889. If the daily bar closes near that mark, there is a chance of seeing a level breakout, followed by further growth to the $4,000 area.
On the longer time frame, the situation is less bullish. The rate of the main altcoin is close to the support level.
If a bounce back does not happen, traders should expect a test of the $3,400-$3,600 zone soon.
From the midterm point of view, there are no reversal signals yet. In this case, one should focus on the nearest zone of $4,000. Until the price is below that mark, the ongoing decline remains the most likely scenario.
Ethereum is trading at $3,836 at press time.
