According to CoinMarketCap, the market was mainly bearish midweek.
ETH/USD
Ethereum (ETH) rate has fallen by 0.12% in the past 24 hours.
On the hourly chart, ETH price is near the local resistance at $3,889. If the daily closes around that mark, we could see a breakout of the level, followed by further growth into the $4,000 area.
Over a longer time frame, the situation is less bullish. Major altcoin rates are close to support levels.
If a pullback does not occur, traders should expect the price to test the $3,400 to $3,600 zone soon.
From a medium-term perspective, there are no signs of reversal yet. In this case, you should focus on the nearest $4,000 zone. A continued decline remains the most likely scenario until the price falls below that mark.
At the time of writing, Ethereum is trading at $3,836.
