Vitalik's pet goes under
ETH's situation ain't different from Bitcoin or the other cryptocurrencies. As with BTC, ETH also made a bearish flag, which took ages and the catalyst from yesterday sparked the fire of selling. Pirce is hard under pressure and we are may see a drop towards 174.38. We are observing a long-term downtrend here as well which was tested to the top side and held firm. RSI goes under level 50 as well, indicating that the selling gains strength.
First scenario: Price touches 174.38, breaches and closes under to confirm that the selling will continue and we can start doing our own shorts as well.
Second scenario: Price bounces off from that level and tests the upper line of the downtrend, breaches and closes with a Bullish confirmation. In this event, longs can be placed steadily with the trend as the price rises.