Looks like my prediction happened earlier than I thought and with more magnitude than I thought.
A huge and clear bear break broke both uptrend supports AND lower lower support (which I pegged at $288). ETH moved as low as $272 in the recent dump, massively overselling on the hourly time chart. The important thing to note is that the volume is huge! There's more bear volume (in terms of bar size) than we've seen bull volume in the last two weeks. Typically these dumps also trigger stop-losses which pick up the pace of the movement down, but these orders broke though support levels easily. I'm a little shocked there was no pause at the $288 support as this was tested several times on the way up.
The current $278 level is strong though and has been tested 4 times on the daily frame. The daily chart now looks like the bulls could be losing grasp as we now break the bearish inside bar trend and hit a low we haven't seen in five days! Daily RSI is now below 50 and pointing down. 4-hr charts indicate a start of bearish pressure on the horizon.
Tested support is at $272 with $254 being the absolute bottom that ETH could hit to maintain an uptrend. Bitcoin's bearish reversal spinning top candle yesterday has had trend confirmation in today's candle.
As always, maintain good risk management. Please don't forget to follow, upvote and resteem! Cheers.