ETH broke down the upchannel and makes me think its in a bigger ABC-channel. This downward movement was already indicated by a bearish MACD.
To be honest: I'm looking at the target, what should happen to let it drop that much.... I had the same feeling when ETH was at 300 and my target was 140. This is not such a big downfall, but I'm still a bit surprised. But chart is showing me this, can't make it better for now.
BTC is highly overvalued. Unfortunately for the near term ETH must follow suit, even though it is severely UNDERvalued.
RBmooney
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@FUTUREBOYCOLIN, youre correct. Check out the total market value drop on coinmarket cap, its down 25%!
JMaldonado
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It's ok ur analysis great job
JeppeP
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Thanks for the nice analysis @Crypto_Ed ! What do you think the chances are for a turnaround at 260? According to my Elliot Wave analysis we are in the ABC of wave 4 but if we go below 260 we overlap the high of wave 1 (July 18) and I would obviously be wrong.
Crypto_Ed
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@JeppeP, In my system, 250-260 might give a bounce. Its Fibo extension from a smaller abc correction, but I think the bigger ABC will play out. In the end, we all dont have a crystal ball. Time will tell.
JeppeP
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@Crypto_Ed, you're definitely right about the chrystal ball. I appreciate the clarification on the bigger ABC move. Let's see what happens.
Salsy
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Totally agree - strange though BTC is in same correction phase - they are tightly correlated