The correction has returned to the market, according to CoinStats.
ETH chart by CoinStatsETH/USD
The price of Ethereum (ETH) has gone down by 4.1% since yesterday.
Image by TradingView
On the hourly chart, the rate of ETH has broken the local support level of $2,503.
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Until it is below it, bears keep controlling the situation on the market. In this case, the correction may continue to the $2,400 area.
Image by TradingView
On the bigger time frame, there are no reversal signals yet. If the daily candle closes near its low, there is a chance to see an ongoing decline to the $2,300-$2,400 range.
Image by TradingView
On the weekly chart, the situation is also bearish. If the picture remains the same until the end of the week, one can expect a test of the nearest support level of $2,132 soon.
Ethereum is trading at $2,456 at press time.
