Bulls could not hold the initiative on the last day of the week.

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The rate of Ethereum (ETH) has fallen by 0.82% since yesterday. Over the last week, the price has declined by 3.43%.

Image by TradingView

On the hourly chart, the rate of Ethereum (ETH) has broken the local resistance level of $1,632.3. If bulls hold the price above that mark until the end of the day, the upward move is likely to continue to the $1,650 zone tomorrow.

Image by TradingView

A less positive picture is on the daily time frame. The rate keeps trading sideways, which means that it is too early to think about any sharp moves. In this case, consolidation in the narrow range of $1,600-$1,650 is the more likely scenario for the next few days.

Image by TradingView

From the midterm point of view, buyers could not keep up the growth, which means that sellers are again more powerful.

If the decline continues to the $1,600 zone, there is a high chance to see a test of the support soon.

Ethereum is trading at $1,629 at press time.

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