As the whole crypto market has been bleeding because of the big bitcoin correction, even eth has to follow the king. Right now we seem to be in the c wave of the abc correction. In this correction this is the 3rd wave, so the strongest wave of all. As a rule of thumb: the c correction wave is a lot of times as big as the a wave, so this gives us a possible target. The bottom of the current channel seems like a place to buy. Though the next days will depend a lot on what btc will do. 6 februari tether is going to be asked to explain themself, depending on how this goes (if it is true that usdt isn't fully backed, this could have a big negative effect on bitcoin and the other coins).