The last day of the week is bearish for most of the coins, according to CoinStats.

The rate of Ethereum (ETH) has declined by almost 1% since yesterday.

On the hourly chart, the price of the main altcoin is about to break the local support of $1,796. If it happens and the daily bar closes below it, the decline is likely to continue to the $1,780 mark soon.

On the bigger time frame, the rate of ETH is looking bearish as the growth did not last long after a false breakout of the support of $1,754.

If bulls cannot seize the initiative shortly, traders may expect a test of the aforementioned mark soon.

From the midterm point of view, sellers are also more powerful than buyers. If a breakout of the $1,754 level happens, there might be a more profound drop to $1,600.

Ethereum is trading at $1,794 at press time.