The market continues to trade sideways as neither side has taken the initiative.
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ETH/USD
Unlike Bitcoin (BTC), Ethereum (ETH) is down 2.84% in the last 24 hours.
ETH/USD chart by TradingView
Ethereum (ETH) broke the local support level at $1,724 on the hourly chart. If the buyers fail to take the initiative by the end of the day, there is a chance tomorrow to see the vital $1,700 level tested.
ETH/USD chart by TradingView
On a daily basis, the situation is also bearish rather than bullish as Ethereum (ETH) failed to fix above $1,800. For now, watch out for the $1,705 support. If there is a false breakout, the bounce can lead to near-term growth into the $1,750 zone.
ETH/USD chart by TradingView
From a medium-term perspective, the situation remains unclear as the new week has just started. However, if the decline continues below $1,721, expect to test another key level at $1,650. Such a scenario is relevant until the end of the month.
Ethereum is trading at $1,711 at press time.
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