ETH log chart has a lot of bearish potential here, while crypto sentiment is turning very bullish. Bulls are looking for a B leg up here, but if that fails it could follow a very similar fractal, circled in white with yellow bar pattern.
There's a huge volume gap in the $800-$1k range so it should spend some time there, but that may not be the bottom. $300 is not out of the question, perhaps even as low as $100-150, bare bottom worst case scenario. Seems extreme, but harvesting the 5th leg is pretty standard. Volume has been suppressed through most of the selling so far, so there could be major capitulation by bag holders.
There's a huge volume gap in the $800-$1k range so it should spend some time there, but that may not be the bottom. $300 is not out of the question, perhaps even as low as $100-150, bare bottom worst case scenario. Seems extreme, but harvesting the 5th leg is pretty standard. Volume has been suppressed through most of the selling so far, so there could be major capitulation by bag holders.