Right now, Ethereum is struggling to hold support around the $217 area.
If the Neckline snaps with big volume, my target would be somewhere around $185. This is a little less than a measured move from the head to the Neckline.
While the RSI on the 4 hour chart doesn't have that much room to go, I surely does on the Daily chart.
I wouldn't necessarily anticipate this breakdown, one could comfortably wait for the first big move downward and then scale into a short on the pullback once everyone is panic selling.
This analysis reflects the current metatrend. BTC will most likely need to break down in order for this scenario to play out.
If the Neckline snaps with big volume, my target would be somewhere around $185. This is a little less than a measured move from the head to the Neckline.
While the RSI on the 4 hour chart doesn't have that much room to go, I surely does on the Daily chart.
I wouldn't necessarily anticipate this breakdown, one could comfortably wait for the first big move downward and then scale into a short on the pullback once everyone is panic selling.
This analysis reflects the current metatrend. BTC will most likely need to break down in order for this scenario to play out.