The market sentiment in regards to Ethereum (ETH) is looking bearish, following a slight rebound on the global chart. At the same time, none of the buyers nor sellers are able to take control, as can be seen by looking at the CoinMarketCap ranking. Ethereum (ETH) has managed to increase its rate by 1.66%, following the bounce back of Bitcoin (BTC). Analyzing the local chart, it can be seen that the rate could not return to the resistance at $1,817 and, if the bar closes around the $1,800 zone, the fall may continue below the support to the $1,780-$1,790 zone. On the daily time frame, the rate of Ethereum (ETH) has bounced off the support at $1,762, although the volume remains low and is not indicative of a potential buyers seizing the initiative. Similarly, the weekly chart looks more bearish than bullish as there are no reversal sign as of yet. Therefore, the drop could continue to the $1,600-$1,700 area in the subsequent days. Ethereum (ETH) is presently trading at $1,799.

In conclusion, Ethereum (ETH), like the rest of the market, is looking bearish. The rate bloomed to the resistance at $1,817 but has not been able to stay above it. The volume remains low, which means that the investors have not yet decided to take control. Analyzing the daily and weekly charts, it is possible to observe that the rate might fall further to the $1,600-$1,700 area. At present, Ethereum (ETH) is trading at $1,799.



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