ETH previously was on an ascending channel from $2773 to $4872 where shorts stepped and engulfed the bullish marubozo. Selling continued until the ascending channel was broken. Although a sharp rejection pulled price back into the channel, price dropped as low as $4519. The market experienced a relief bounce up to $4571 where it met strong shorts forming a bearish engulfing which hints at a new downtrend. An aggressive selling formed new lows of $4056 and $3964. New short positions are expected between $4535 -$4566 which may be confirmed by a hanging man or a bearish engulfing candle.