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A correction may have begun on the cryptocurrency market, according to CoinStats.

ETH/USD

Ethereum (ETH) has followed the drop of other coins, going down by 4.32%.

On the hourly chart, the rate of ETH is rising after a false breakout of the support of $3,619. However, it is too early to think about a further rise. 

One should pay attentiont to the daily bar closure. If it happens above $3,700, the upward move may continue tomorrow.

On the bigger time frame, the price of the main altcoin keeps falling after a failed attempt to fix above the $4,000 zone. If the candle closes below yesterday's low, the fall may continue to the support of $3,502.

From the midterm point of view, the rate has bounced off the $4,003 level. If sellers' pressure continues, the drop may lead to the test of the $3,200-$3,400 area shortly.

Ethereum is trading at $3,705 at press time.