Not much time here, also not able to draw everything out the chart for you, but here it goes, looking at the hourly for ETH / USD. EDIT I think I posted this with the 4hr timeframe but same principles still apply.
Completed head and shoulders pattern with a target of approx $417. There's a fib line (not on the chart) at around $413 so that's where we will put our target #1.
Currently trading in a bear flag.... broke out to the upside for most of the morning but was rejected sharply and is now trading back in the bear flag. A breakout to the downside of this bearflag would put the target at about $398, where a major fib line (78.6%) lies. Target #2 - $398.34
RSI is close to oversold but there's room for further downside here. We also know the movements of eth are highly correlated (for the most part) with that of BTC. It is however, more than capable of following its own path at times. This is all hypothetical but should we continue to see further downside, these are my relatively short term predictions.
Disclaimer: Not trading advice and do your own research!
Completed head and shoulders pattern with a target of approx $417. There's a fib line (not on the chart) at around $413 so that's where we will put our target #1.
Currently trading in a bear flag.... broke out to the upside for most of the morning but was rejected sharply and is now trading back in the bear flag. A breakout to the downside of this bearflag would put the target at about $398, where a major fib line (78.6%) lies. Target #2 - $398.34
RSI is close to oversold but there's room for further downside here. We also know the movements of eth are highly correlated (for the most part) with that of BTC. It is however, more than capable of following its own path at times. This is all hypothetical but should we continue to see further downside, these are my relatively short term predictions.
Disclaimer: Not trading advice and do your own research!