Wow did ETH break down after oscillating in a tight range for several days. I wasn't exactly sure if that was a wedge that failed and tried to rally that ended doing a pump fake. This happened before on the 4 Hr bar in late January with a similar set up. ETH has failed the past 4 4hr bars to breach the $740 retracement level on this past leg down. ETH is selling off again and trying to test the $700 level. If this is breached we will go ahead and test the $650 level again.
A focal point is the long term descending trend line that ETH has failed to break. Simultaneously with significance, the cloud is dragging along this trend line. Momentum that has helped spur a good bounce seems to be fading, maybe ETH is giving back a little of that really strong bar to continue upwards; but from my eyes, I believe that ETH will drift lower again to see if it can build a solid bottom before trying to break both the trend line and the cloud. Even if we do have a good rip to the upside, there's a lot of resistance around the $800'ish area.
A focal point is the long term descending trend line that ETH has failed to break. Simultaneously with significance, the cloud is dragging along this trend line. Momentum that has helped spur a good bounce seems to be fading, maybe ETH is giving back a little of that really strong bar to continue upwards; but from my eyes, I believe that ETH will drift lower again to see if it can build a solid bottom before trying to break both the trend line and the cloud. Even if we do have a good rip to the upside, there's a lot of resistance around the $800'ish area.