Looking at price action for ETH, we where looking for it to reach .618 fib, if was put under pressure from BTC, this happened today and we got a beautiful bounce off that level. Under normal situations I would be jumping up and down at this development, but for me BTC did not reach its mark yet for a full pull back to support at 7900, ($600 off) so we could still be looking at pressure from the top side. Now this will clarify itself in the next few days and before the weekend, I imagine to see if we really do find support here or not and there is not one more pull back with BTC. My gut says we may draw down a little but will not make a new low at this point for ETH. So what I am trying to say is now maybe a good time get in, if you have been waiting to buy ETH. For me it is one of the strongest and most promising of the coins out there at the moment, with solid upside potential to 2000 and the rest over the next year.
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This current move is going step for step with BTC and looking at the chart may take us to the .786 fib at $858.....
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So in the end, with all the action from BTC they all went down in a big way. This meant even ETH which I expected to put up more of a fight went down to 727, a little past the double bottom at 759 on the chart. We seem to be finding support, but it is a slow process after the shock the public have encountered of the last week and culminating on Saturday morning. It was to be a big shack down of all non serious traders and tested the resolve of the truest of believers. But as we know it was to test everyone's hand and was not for the weak of heart. So severe that it sent shock waves through the whole crypto community and every other coin tumbled as well. looking ahead from here, I hope everyone is still in one piece and have weathered the storm. We will have to see what happens as consumer confidence has been knocked and this recovery may take longer than we expect, but I think may have started.