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According to CoinMarketCap, the bears are getting stronger.
Top coins by CoinMarketCap
ETH/USD
Ethereum (ETH) price has fallen by 1.46% in the past 24 hours.
Image by TradingView
On the hourly chart, the ETH rate accidentally broke through the local resistance at $3,914. However, if the bulls are able to take control and the daily chart closes around the aforementioned mark, the growth could continue into the important $4,000 zone over the weekend.
Image by TradingView
On the larger time frame, we should keep an eye on the $3,887 level. At the moment, the price has erroneously broken above it again.
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However, if the situation changes by the end of the day and the candle closes above it without a long wick, we should expect the rally to $4,000 to continue.
Image by TradingView
From a medium-term perspective, traders should focus on the nearest level at $3,993. If the weekly reaches that point, we could see a breakout and then move into the $4,100 to $4,200 range.
At the time of writing, Ethereum is trading at $3,876.
