At this juncture, it currently doesn't matter whether you're looking at the 4hr or the Daily. ETHUSD has quickly converged toward 2 fighting fronts. If ETHUSD breaks the long term descending trendline just below the $450, the next big support would be around $300. Also to note that ETHUSD would take also take out a support level while breaking though the descending trendline. And doing so I want to believe that the selling and volume would surge. As hard as positive momentum tried to build on many of the past selloff's, it just couldn't hold and anything positive just dissipated. It was very interesting to watch several bear flags form and follow through.
On the upside ETHUSD has a lot of work to first challenge the long term descending trend line followed by the cloud which seem to be trailing in tandem. It doesn't help that ETHUSD crushed through the psychological $500 level. Perhaps as important as this trendline is, maybe ETHUSD can build the momentum it needs to grind higher and break those 2 parameters and change the overall market sentiment. It would be prudent to watch this ascending trend line before taking any long positions.
On the upside ETHUSD has a lot of work to first challenge the long term descending trend line followed by the cloud which seem to be trailing in tandem. It doesn't help that ETHUSD crushed through the psychological $500 level. Perhaps as important as this trendline is, maybe ETHUSD can build the momentum it needs to grind higher and break those 2 parameters and change the overall market sentiment. It would be prudent to watch this ascending trend line before taking any long positions.