The last two consolidation patterns all broke to the down side and we currently are trading at 185.00 with a minimum target of 179.00 from the last triangle that broke down today. There are still a few positives in the chart. First, this may be a setup for a second back test of the broken DESCENDING blue resistance line that was broken out over recently. The potential inverted head and shoulders (with a target over 400) failed to confirm and that pattern is losing its potential as it becomes more and more extended to the right of center. Ie., it is losing the classic shape one looks for in such a pattern and with that, losing its promise.
ETH/USD apparently needs more time to work out its weakness, and that is totally understandable given its meteoric rise this year. When it DOES find bottom and support, I suspect that buyers will move in quickly in anticipation of a second major leg up.
Now trading under 184. Whattomine.com currently shows ETH less profitable than ETH Classic in the mining game. The silver lining here might be for miners if GPU's start looking elsewhere for short term profits.
ETH/USD apparently needs more time to work out its weakness, and that is totally understandable given its meteoric rise this year. When it DOES find bottom and support, I suspect that buyers will move in quickly in anticipation of a second major leg up.
Now trading under 184. Whattomine.com currently shows ETH less profitable than ETH Classic in the mining game. The silver lining here might be for miners if GPU's start looking elsewhere for short term profits.