Ethereum (ETH) has returned to the descending channel and is now closed below the 38.2% fiber extension level on the 4H timeline. This is a major bearish development that has hinted that it may soon follow. Most professional traders are aware of what's going on right now, but they may want to see a bounce upside for better short sales records. That being said, I don't expect ETF / USD to see relief any time soon. It is likely to drop to the $ 185 mark around the 61.8% fiber extension level to find temporary support before re-gathering at the top of the descending channel. In the end, it's likely to drop below $ 80 to find the right bottom.
Like most other altcoin, Ethereum (ETH) dances to the Bitcoin (BTC) tune, but it has recently made some moves. It is now over, and we have recently seen the price drop much more aggressively than Bitcoin (BTC). Whether this trend remains unchanged or not should be seen, but it is not denied that Ethereum (ETH) has made very big moves against Bitcoin (BTC) and now is the time for some lasting correction. The price has fallen within the declining channel against the US dollar, but now is the time to fix it in a similar way against Bitcoin (BTC) as well. Not to mention, many useless ICOs are built on the Ethereum block (ETH) and when the saying hits the fan, which will happen in the coming months, some people will come knocking on Ethereum's (ETH) door. and you don't want to hold Ethereum (ETC) when that happens.
Some investors and enthusiasts for cryptocurrencies do not like this when talking about risk mitigation. They want to keep talking about how Ethereum (ETH) is a wonderful invention and worth what it looks like five or ten years from now. Well, we don't know what will happen in five or ten years to Ethereum (ETF). As traders, we are more interested in what is happening now. Even if we were aware that Ethereum (ETH) would be a widely used blockchain for five years from now, as investors we would still like to increase returns by selling high and low.
The daily chart for ETH / BTC shows us that the pair is ready to descend into the descending channel. This is similar to what Ethereum (ETC) did against the US dollar, except it had a false case. In the case of Ethereum (ETH) vs. Bitcoin (BTC), we saw a 38.2% decline in fiber levels and that was the end of it. The price has started to fall from there and is now likely to see the bottom of the current decline channel in the coming weeks and months.