ETH bloodshed slump crash the longs, still have downside roomETH longs go through a nightmare with price sliding from 150 to 120 in a few days. As a result, in short term time-frame, the market was heavily oversold but in the daily chart, the price hasn't stabilized because the bull hasn't tried to stage a bounce after such steep fall.
Since peaking in mid-June, we can see the bearish trend on ETH chart is more or less contained in a channel. But recently bear power intensify and price rally become weaker than before, ETH rally doesn't reach the channel's upper trendline, yet every time the slump still manager to stop at the lower trendline of the channel.
Now ETH price sideways around lower trendline, but there isn't much intraday bounce, as if the market is dead.
To conclude, we still maintain a bearish view on the outlook of ETH. Bear's next target is to push the price down to the price level in early 2018.
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