Another ETH & BTC Comparison (I know another bearish ETH chart)
I've been monitoring many similarities between ETH and BTC . Historically Ethereum has closely followed Bitcoin's price action, although there are periods of divergence. I think since BTC has found it's top, ETH has been lagging behind, but still following many similar trends. Here I see that ETHUSD formed and has since broken out of a , very similar to BTCUSD during it's so called "bull trap". Assuming we have found a temporary bottom at point 'A', which so happens to be a 0.618 fib support, I think we can expect to bounce from here. Either up to the 0.382 fib from our recent low to recent high, or to the 0.786 fib retrace of this past tumble, PT: $1067-$1112. From there we will fall to somewhere between $800 and (the lower extreme) $650. This coincides with the lower boundary of our , which would confirm an edge to edge, or the 1.272 fib extension of our previously posted . After that it's anyone's guess, but I would put my money on bouncing between the 1 and 1.272 fib channel lines before breaking down out of our .
*THIS IS NOT TRADING ADVICE*