According to CoinStats, the market is turning red.
ETH/USD
Ethereum (ETH) rate has fallen by 0.81% in the past 24 hours.
On the hourly chart, ETH price is falling after breaking through the local support at $3,532. If the daily closes near or below that mark, the correction could continue all the way to the $3,400 zone.
Looking at the longer time frame, the major altcoin rate once again bounced off the $3,654 resistance level.
If the situation does not change, traders may expect a continued decline to the $3,400 level soon.
From a medium-term perspective, there are no signs of reversal yet. However, ETH price is well away from its support and resistance levels, meaning it is unlikely to witness any sharp moves by the end of the week.
At the time of writing, Ethereum is trading at $3,498.
