Looking at ETHUSD on the daily or on 4HR timeframe, we see a confirmed formation of a bear flag pattern. This pattern has a potential downwards move all the way down to $850 which is another 55% drop. This is very realistic and more like the real bottom of this cycle.
The $850 is a huge level of support and the target where I believe ETH will bounce off.
The top/resistance of the bear flag pattern sits at $2150. This is the level where ETH got rejected twice already and I believe we will retest this price again before any move down.
Overall, Etherium is above 2k mark and trades inside a falling wedge pattern (bullish pattern) and also inside a falling / descending channel. The price of etherium can perhaps break bullish out of the bear flag and reach the top of the descending channel at $2500, and the center line of the falling wedge pattern, just to retest the daily 50 EMA.
If we lose the 2k level again with high selling pressure, I will expect the bear flag to play out.