Ethereum has followed the decline of Bitcoin , going down by 8%.$1.676
. Until the price is below that mark, one should not expect further growth. Thus, the selling volume is high which means that there are high chances to see a more profound decrease. Ethereum is on the way to the support level on the daily time frame at $1,487. However, if buyers can keep the rate of the main altcoin above $1,500 until the end of the day, traders can expect the local bounce back.
From the mid-term point of view, today's sharp drop might cancel the further growth, however, one needs to wait until the candle closes. If nothing changes, there is a possibility to see the test of the $1,424 mark.
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