Some coins are already trading in the red zone, according to CoinStats.ETH chart by CoinStats
The price of Ethereum
On the hourly chart, the rate of ETH might have set a local resistance level at $3,970. If the daily candle closes far from that mark, the drop is likely to continue to the support at $3,908. Such a scenario is relevant until tomorrow.Image by TradingView
On the daily time frame, the price of the main altcoin is once again trying to fix above the recently formed level of $3,940. If that happens, the rise may lead to a test of the important area of $4,000 shortly.Image by TradingView
From the midterm point of view, bulls are not facing any pressure from bears despite the recent sharp growth. At the moment, one should focus on the nearest zone of $4,000.
If a breakout happens, it might be a prerequisite for a further upward move to $4,100-$4,200.
Ethereum is trading at $3,936 at press time.
Read More: Ethereum (ETH) Price Prediction for March 10
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