According to Coinstats, a new week began with a market collapse.
ETH/USD
Ethereum (ETH) is one of the biggest losers today, down 6.51%.
Despite today’s decline, major Altcoins look bearish on hourly charts. If the daily bar closes near support, you’ll likely be seeing a test of the $4,000 mark soon.
In the longer time frame, we nearly tested support levels with ETH rates of $4,067.
However, if there is no bounceback by the end of the day, traders can witness a breakout and then continue to drop into the $3,800 zone.
From a medium-term perspective, the photos look similar. Therefore, the low volume means that buyers are weaker than sellers at the moment. Overall, if weekly candles are closed below current prices, you can expect to test the $3,800 mark by the end of the month.
Ethereum trades at $4,169 at press time.
