Similar to BTC/USD, ETHUSD
is also near major support level
. The bar with the long down wick reached exactly at 127% extension, showing that it is unlikely to reach the major level shown on the chart, at least not in the near future. What is more likely to happen is to at least reach the sloped trendline
. If this line is broken, then the downtrend may be over and market is likely to reach the dashed resistance line and then go sideways.