Ethereum is trading under 1700

Hi guys, let's review the current situation on Ethereum.

Recently Ethereum dropped on 250 dollars in just few hours. It was very significant drop and ETH has reached lowest point in 5 months. Now there is some correction expected but I don't think that it will be significant correction. Probably ETH price can reach 1770 but I very doubt that it will grow higher than that. Most likely we'll see ETH trading in a narrow range between 1700 and 1600 prices. So far Ethereum is not showing willingness for growth.

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Comment:

Ethereum unable to break upper bound of 1685-1640 support area and continue to trade in a narrow price range within support area.
So far the main idea remains the same, ETH will be trading in a narrow range for some time and then will drop to 1500 and lower.

Comment:

Ethereum didn't manage to break upper bound of 1685-1640 support area and now trying to break its lower bound at 1640. If Bitcoin continue to fall down then Ethereum will go under 1640 price for sure and probably will stay there for some time.

Comment:

After recent pump Ethereum lost all it's gained in that pump. Now ETH is looking at 1600 price level and mayby even lower.
If this weeks candle closes closer to 1600 or lower then next week we can expect price going to next target at 1550.
Lets see how far Ethereum will drop.