From yesterday's opening to $ 199.56, the price of Ethereum fell by 14% as it currently trades at $ 171.85, as the total cryptography market falls to $ 187 billion.
As can be seen from the hourly table the RSI is showing oversold conditions and that is why in today's analysis we will see how much further the price will potentially decrease before this last move.
Looking at the daily chart ETH / USD we can see that the price fell below the internal support line of the pitchfork 2 and the level of retracement to 0 of Fibonacci that served as support but as you can see a cluster consolidated within the formed triangle which is known as a bearish pennant and is considered as a continuation pattern trend.
The indicator of the relative strength index is close to its lowest levels, with a trend of 18.5% downward trend. As you can see, I labeled it as WXY correction and I think the Y wave would end at the next horizontal support level at $ 153.43, but if it does not keep the next level of support I see it strong enough to hold the momentum behind down move is at $ 111.19 where the pitched support line 3 intersects the horizontal support level
Zoom in the 4 hour chart I counted the secondary waves to determine the context of this last structure corrective.
As you can see the primary wave W consists of a WXYWZ, the X wave of the same type of correction but in the opposite direction and now we see the last wave Y has three consecutive WXYs of a minor grade that constitute an intermediate WXY fix.
In order to validate my goal levels, I'm going to enlarge the hourly chart. I measured the length of the wave W and I projected it from the X wave to project the first objective. As you can see in this way, the second level of horizontal support should be the end point of the Y wave. Another way I used is the Fibonacci retracement tool. I adjusted the X wave to be at the level of 0.5 Fibonacci and in this way the Fibonacci level 0 is on the first horizontal support level at $ 153.43.
Looking at the daily chart ETH / BTC we can see that the price has dropped from the support of the triangle while it is heading down in a dizzying way. Currently, the price has found support on the Fibonacci retracement level 0 but judging from the moment the level will not be maintained for much longer.
As you can see the projected wave W length indicates that 0 The Fibonacci level is the end of the wave Y. but if we include the wick, then the & # 39; projected lens is much lower around 0.016461 Satoshi.
Having in mind what was seen on the ETH / USD table, I think the price of Ethereum has only a potential fall in the next period, and since nothing looks or gives a bullish indication, my default expectations they are the lowest possible targets.