ETH - Also facing heavy resistance

Here we can see ETH is in a similar spot to BTC. After ETH's rally sellers are coming in strong around $1,600. This is in perfect confluence with the 0.618 of our micro trend. If price continues to get rejected at this level as well as the 4H overbought conditions we could see a retest of the low and even lower. This seems to be a great short trade with a tight stop loss.