At the long-term timeframe of 1D chart we can see the price touches global support trend line. You may think it is a good sign because as usual the price touches the global support and bounces, however take a closer look at technical indicators.
Volume decreases while oscillator shows hidden bearish divergence and Bollinger bands narrowing. Seems strange for a bullish scenario ? Yes, it is strange and we check series of Fibonacci retracement levels we would see that the price has just broke down Fib 0.5 support level.
Finally we have ascending broadening wedge at the chart with a rejection of long scenario thus we come to conclusion. ETHUSD price action should be bearish for mid and long-term target price is $180.
Ethereum can still break the pattern and move higher in case Bitcoin will perform great ascending movement however BTCUSD is in decrease stage according to our latest analysis. Such situation will force ETH to go down finishing the pattern
Trade closed: target reached
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Ascending broadening wedge at the chart has played out after forecasted rejection of long scenario happened. ETHUSD price action should was bearish and the price reached $180 area.
Ethereum can still start an ascending movement once Bitcoin price action will perform the forecasted long scenario
@Jagdpanzy, we have a great ETH holdings and hope it will go upward too :)
However the market decides itself where to move and we can just analyze signs it gives us. The situation is quite bearish and if the 2nd phase of BTC forecast will be successful too ETH will drop to the mentioned level :(