The whole crypto market is in correction mode. ETH will probably follow Bitcoin on his journey to 8500 $.
As we can see ETH failed to break the descending - the price was rejected to the downside. indicator gives a lot of space for a further drop.
I expect the price to bounce of the 100 MA which also converges with the 50% . This bounce will form the right shoulder and complete the formation that is hanging just below the descending .
The price should drop to around 500 $ - 530 $ to meet the major ascending and the 61.8% Fibo retracement area.
Hope it helps.