Since there is significant pressure in the cryptos until Aug 1st, I expect ETHUSD to sell a bit more. Not that it is not enough. There is significant buying at 180s, and orders at 160s. Scenariocast is: The key levels of significance 120 and 220 to become a band whilst keeping its move within the falling wedge until reaching August 1st.I find it likely to see a dip at 120 usd and a bounce back to 160s. And an uptrend from 160s, first facing profit taking at key level 220s. If for some reason it does that, there will have been an inverted H&S with a neckline at 220s and 320s target, which is another key level.
I was wondering if it could drop that low. According to the pole and flag pattern, the flag would drop 50-62% fib retracement, then another pole up. If it were to go that low (125), it is definitely not good for the up trend definition in the long run...my humble opinion.