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ETH Fall to $1600 or even to $1440! Possible? What do you think?

Ethereum (BITSTAMP:ETHUSD)  
CryptoMexMCO  
BITSTAMP:ETHUSD   Ethereum
Trend Analysis Chart Patterns Technical Indicators Ethereum (Cryptocurrency) ethereumforecast ETH ETHUSD ethereumdollar ethereumprice
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trendanalysis chartpattern indicator ethereum ethereumforecast eth ethusd ethereumdollar ethereumprice
As you can see, the green trendlines mark the forming slowly downtrend channel on 1D timeframe. I see as possible scenario that the price could fall till to the first major which is placed near $1600 ( 4h 50 MA and the 1D 50 MA). This should fit for a sideway movement too. Here the price could rise back to the $1700-$1800 resistance, but if it fails, it should go down to the last deep supports near $1440-$1400. We have to such scenarios as well because these offer good entry options. Do you think it is not as possible as it looks?
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