Ethereum (ETH) Price Analysis for October 4

Buyers are slightly losing the initiative as some coins have come back to the red zone.

ETH/USD

The rate of Ethereum (ETH) has joined the list of falling coins, going down by almost 1% over the last 24 hours.

On the hourly chart, the rate of ETH is looking bearish as the price is coming back to the recently formed support level of $1,625. If the daily candle closes near it, the breakout may lead to a further drop to the $1,600 zone soon.

A similar picture can be seen on the daily time frame as the bar is about to close below the interim level of $1,637. If that happens, the drop is likely to continue to the $1,600 zone shortly.

On the weekly chart, the rate of Ethereum (ETH) has failed to keep rising after a bullish candle, which means that the main altcoin is not ready yet to rise. In this case, there is a high chance to see a test of the support of $1,542 soon.

Ethereum is trading at $1,634 at press time.

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