Most of the coins keep setting new local lows, according to CoinMarketCap.

ETH chart by CoinStatsETH/USD

The price of Ethereum (ETH) has declined by almost 4% over the last 24 hours.

Image by TradingView

On the hourly chart, the rate of ETH has broken the local support level of $3,080. Until the price is below that mark, sellers are more powerful than buyers. 

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In this case, there is a high chance to see a further downward move to the $2,900 zone.

Image by TradingView

A similar picture can be seen on the daily time frame. If the candle closes below the $3,054 level, the accumulated energy might be enough for an ongoing drop to the $2,800-$2,900 range.

Image by TradingView

From the midterm point of view, one should focus on the weekly bar's closure. If it happens around the current prices, one can expect a test of the support level shortly.

Ethereum is trading at $3,024 at press time.