The market is mainly bearish on the first day of the week, according to CoinStats.

The price of Ethereum (ETH) has dropped by 0.59% since yesterday.

On the hourly chart, the rate of ETH might have set a local resistance of $2,275. If sellers’ pressure continues, one can expect a test of the support of $2,222 by tomorrow.

On the longer time frame, the price of the main crypto is within yesterday’s candle, which means that neither bulls nor bears have seized the initiative yet.

You Might Also Like

However, if the candle closes near the support, traders may expect a level breakout, followed by a test of the $2,000-$2,100 zone.

From the midterm point of view, the situation is similar. In this regard, one should pay attention to the bar’s closure in terms of the previous candle low. If it happens near $2,111, there is a chance to see an ongoing drop to the $2,000 mark.

Ethereum is trading at $2,243 at press time.