After breaking trendline support and forming Bearish Flag afterwards, Ethereum has now recently been broken down of that Bearish Flag along with successful retest which can be seen by clear downward rejection from micro 0.5 fib level. My current target for Ethereum for now would be in 2.7k range as it has good support in that region consisting of Micro 1.618 fib level, Macro 0.328 fib level and Previous resistance which was retested as Support later on. The support region is represented by Green area and I am expecting ETH to fall towards that area now.
Trade closed: stop reached:
Due to sudden Bitcoin bounce from its daily channel support, ETH managed to cancel out the effects of downward breakout. My short entry was @3120$ where 0.5 fib and trendline resistance along with 1hour 50MA were acting as resistance. Stop-loss was placed in profit incase things went opposite so it got triggered and the trade was closed in profit @3040$