ETHEREUM: Continuation to the Downside?

Here we are looking at ETHUSD on the Daily TF…

As you can see, we are looking at a massive channel on Ethereum. Within this channel, there are sub channels that price has traded between for extended periods of time. Currently, ETH has broken into the bottom channel, and is testing that previous support as resistance. We expect Ethereum to head to the bottom line if this test results in a rejection.

In its current test of previous support as resistance, ETH has begun to form a bear flag. This is just another factor that points to a continuation to the downside.

What do you think ETH will do next? Let us know in the comments below!

Cheers!