ETHUSD had been encountering a major sell-off since the beginning of the year to at least early this month. As we can see, bull started to pick up some steam since middle of April and so far manage to break out 2 resistance price ($570 and $700). $571 has been acting as a major support line, indicated by the amount of strong support wick, as observed at point 1, 2, and 3 (blue box). Although today ETHUSD price dropped and apparently about to form bearish engulfing candle, it is interesting to see how it reacts against $570 and $500 support line. Stochastic oscillator is currently hovering at oversold territory, and it makes sense for it to do so, considering a major bull run observed since mid of April. If the indicator could drop below level 80 and price could form a reversal pattern (doji, engulfing, etc) in either $571 or $500, then it would be a good buying opportunity with short term profit target at $800 (uppermost blue line).