The Ongoing Market Drop

The ongoing market drop remains the most likely scenario, according to CoinStats.

ETH/USD

The price of Ethereum (ETH) has declined by 5.22% over the last 24 hours.

Despite today’s fall, the rate of ETH keeps looking bearish on the hourly chart. If a breakout of the support levels happens, one can expect a test of the $1,900-$1,950 zone shortly.

On the bigger time frame, one should focus on the daily bar’s closure in terms of the $1,993 level.

If the candle closes around the current prices, the accumulated energy might be enough for a more profound decline to the $1,900 area.

From the midterm point of view, sellers keep controlling the initiative on the market. If buyers lose the vital $2,000 area, a price drop to the $1,800-$1,900 range is the most likely scenario until the end of the month.

Ethereum is trading at $2,030 at press time.