The entire crypto market has had unprecedented gains over the past two months and was due for a big correction, usually 50% of a correction would be too high for a , but considering that ETH was trading at $2.50 only a year ago it could still work. Most of the long term oscillators and moving averages are pointing towards a market by the end of the month.
A for those of you who don't know is a simple chart pattern that usually happens during the correction of a bull market; it is shaped like a "W" and is confirmed when the last part of the "W" breaks above the middle peak. Now for a to take place one of the biggest keys is for the second leg to sell off even just a little bit lower than the first trough, which has already happened as of today. I have used an XABCD chart to show how the could play out.
It looks like this pattern could be complete by the end of the month, as always all mentioned above is only my opinions and not to be taken as trading advice. Trade at your own risk, and good luck!