Bulls have failed to keep the weekend’s rise going, and most of the coins have come back to the red zone, according to CoinMarketCap.

Ethereum (ETH) is one of the biggest losers today, falling by 4.29%.

On the hourly chart, the rate of ETH has made a false breakout of the local support of $2,352. However, if a bounce back does not happen, one can expect an ongoing drop to the $2,300 area.

On the bigger time frame, the picture is rather more bearish than bullish. At the moment, one should focus on the bar’s closure in terms of the $2,317 level. 

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If it breaks out, the accumulated energy might be enough for a move to the $2,200 mark.

A more positive picture can be seen on the weekly chart. However, it is too early to make any distant predictions, as only a few days remain until the bar’s closure. But if a breakout of the $2,608 level happens, growth may lead to a test of the $2,800-$3,000 range.

Ethereum is trading at $2,446 at press time.