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

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

Image by TradingView

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.

Image by TradingView

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.

Image by TradingView

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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