A New Week Has Started with Market Decline

According to CoinStats, a new week begins with a fall in the market.

ETH/USD

Ethereum (ETH) is one of the biggest losers today, falling by 6.51%.

Despite today’s drop, the leading altcoin continues to look bearish on the hourly chart. If the daily bar closes near support, there is a high chance of testing the $4,000 mark shortly.

On the longer time frame, ETH has nearly tested the support level of $4,067. However, if a rebound doesn’t occur by the end of the day, traders may witness a breakout leading to a further decline towards the $3,800 zone.

From a midterm perspective, the situation is similar. The trading volume is low, indicating that buyers are currently weaker than sellers. Overall, if the weekly candle closes near current prices or lower, one might expect a test of the $3,800 mark by month-end.

As of the latest update, Ethereum is trading at $4,169.