ETH Fall to $1600 or even to $1440! Possible? What do you think?

As you can see, the green trendlines mark the forming slowly downtrend channel on 1D timeframe. I see as possible scenario that the price could fall till to the first major which is placed near $1600 ( 4h 50 MA and the 1D 50 MA). This should fit for a sideway movement too. Here the price could rise back to the $1700-$1800 resistance, but if it fails, it should go down to the last deep supports near $1440-$1400. We have to such scenarios as well because these offer good entry options. Do you think it is not as possible as it looks?