Bears are becoming more powerful, according to CoinMarketCap.
ETH/USD
The price of Ethereum (ETH) has dropped by 1.46% over the last 24 hours.
On the hourly chart, the rate of ETH has made a false breakout of the local resistance of $3,914. However, if bulls can hold the initiative and the daily bar closes near the mentioned mark, growth may continue to the vital $4,000 zone over the weekend.
On the bigger time frame, one should pay attention to the $3,887 level. At the moment, the price has once again made a false breakout of it.
But if the situation changes by the end of the day and the candle closes above it with no long wick, one should expect an ongoing rise to $4,000.
From the midterm point of view, traders should focus on the nearest level of $3,993. If the weekly bar reaches it, there is a possibility to see a breakout, followed by a move to the $4,100-$4,200 range.
Ethereum is trading at $3,876 at press time.
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