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The bears' pressure remains relevant on the cryptocurrency market, according to CoinMarketCap.
The rate of Ethereum (ETH) has declined by 2.53% over the last day.
On the hourly chart, the price of ETH might have found a local support level of $3,237. If the daily bar closes far from this mark, the rise may lead to the test of the $3,320 zone tomorrow.
On the bigger time frame, the rate of the main altcoin has once again bounced off the $3,214 level. If buyers can hold the gained initiative, there is a chance to see a local rise to the $3,350-$3,400 area by the end of the week.
A less positive picture can be seen on the weekly chart. The bar is trading near its low, which is a bearish signal in the midterm scenario. In this case, it is too early to think about a fast bounce back.
All in all, there is a still a possibility to see a test of the vital $3,000 zone soon.
Ethereum is trading at $3,283 at press time.
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.
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