The market continues to trade sideways as neither side has forfeited the initiative.
ETH/USD
Unlike Bitcoin (BTC), Ethereum (ETH) is down by 2.84% in the past 24 hours.
Ethereum (ETH) broke below a local support level at $1,724 on the hourly chart. If buyers cannot seize the initiative by the end of the day, there is a chance to see a test of the crucial $1,700 mark tomorrow.
On the daily time frame, the situation is also more bearish than bullish, as Ethereum (ETH) could not settle above $1,800. For now, one needs to look at the support at $1,705. If there is a false breakout, a bounceback could take a short-term rise to the $1.750 area.
From a medium term perspective, the situation is unclear as the new week has just begun. However, if the decline below $1,721 continues, one can expect a test of another important level at $1,650. Such a scenario is relevant until the end of the month.
Ethereum is trading at $1,711 at press time.