Can bounce back of Ethereum (ETH) start from current prices? Advertisement

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Bulls lack energy to keep the market growth going, according to CoinStats.

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ETH/USD

Ethereum (ETH) is one of the biggest losers today, going down by 5.36%.

On the hourly chart, the rate of ETH is on its way to the local support of $1,551. If bulls cannot seize the initiative, the level breakout may lead to a test of the $1,500 zone shortly.

On the bigger time frame, the price of the main altcoin is going down after a false breakout of the resistance of $1,689. 

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If the candle closes near the daily bar low, there is a chance to see it drop to the $1,450-$1,500 area soon.

From the midterm point of view, one should pay attention to the nearest support of $1,537. At the moment, the picture is bearish as the rate is coming back. If the price fixes below it, the correction is likely to continue to the $1,300 mark.

Ethereum is trading at $1,569 at press time.