The price of Ethereum has dropped by 6.58% over the last 24 hours, and buyers are now trying to restore the lost initiative. On the hourly chart, ETH is approaching a local support level of $3,393, and if a breakout occurs, the correction could continue to the $3,300 range. On the bigger time frame, bulls have failed to sustain yesterday's growth, and if today's bar closes at or below current prices, there is a possibility of a test of the support level of $3,252 by the end of the week. Traders should focus on the weekly candle closure, and if it happens near $3,200, they may expect a further decline in the upcoming week. At the time of writing, Ethereum is trading at $3,406.



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