In looking at the trading following this second drop (black line), it is very similar in pattern that seen with the previous drop (blue line). If this pattern continues, ETH may be setting up for another drop. To be clear, the black data path is identical to the original blue data path but has been overlayed on the current trading pattern.
In looking at the , there has been decreasing highs and increasing lows - with a potential end to the current patterns around the end of the month. At that point, ETH may beak up or down, depending on market sentiment at that time. Either way, it is likely to be a quick move.
It is possible ETH will make a major move sooner, but at the moment, there is little evidence of clear movement. Alternatively, there is a lot of resistance above and little evidence that ETH can't go lower until touching longer-term .
This is educational and meant to highlight similarities in current and previous trading patterns.
Trade carefully and watch for further evidence of up or down movement.