How big is the chance to see a further drop of ETH? crypto Ethereum ETH $ETH cryptoexchange VitalikButerin ethereum
The rate of Ethereum has risen by 0.81% since yesterday. However, over the last week the price has dropped by 18.81%.
On the local chart, Ethereum has bounced off the hourly support level at $1,423, which shows buyers' power. If the correction continues, one can expect a test of resistance atOn the daily chart, the rate of Ethereum has bounced off the support level at $1,422 again. However, one needs to pay close attention to the close of the day. If the body of the bar closes near the $1,420 mark, there is a high chance to see a sharp decline to the $1,400 zone.
From the midterm point of view, the situation is more bearish than bullish as the weekly candle is about to close near the $1,422 mark. If buyers cannot seize the initiative, traders might see a further drop of Ethereum to another vital point at $1,356 soon.
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