A few weeks ago we shared some analysises for ETH and we said that a big move is coming because ETHBTC was at the most important trend line in its history. We favored the bull scenario because it had all the ingredients for a nice move up (oversold, TD9 on the weekly, bullish divergences on high time frames etc) but unfortunately the market chose the bear scenario and broke that trendline. Now, because ETH is losing value to both BTC and USD and BTC is losing value to USD, ETH is collapsing and it shows no signs of stopping. Volume is high on each low, MACD has no divergence on the high time frames, RSI even though is ridiculously oversold on the daily time frame it also has no divergence on the high timeframes. We colud have good buying opportunities around 200 and 140 but until then we see no reason for buying. You might find it hard to believe that ETH could reach such low prices but take a look at the ETHBTC chart on the weekly timeframe and you will understand why our view is so bearish.
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We MIGHT get a reaction at the green box and if we do it would make sens to test the former support and if this happens it will confirm the downtrend channel. The bottom of the green box is at a -20% from the current low and if btc doesn't fall to hard this means that eth would be around 200$ when it reaches the red line.