Well folks, after an awesome run, it's looking like the top is in for a little bit on Ethereum. We've been making lower highs and lower lows since yesterday, and now we're flushing HUGE.
All of the cryptos are dumping and a big pullback is in the works. These huge pullbacks never fully sustain though, so we'll be seeing an oversold bounce here at some point.
In the last two hours, we've seen the biggest bear volume bars that we've seen in three weeks.
Hang on tight, it will be a quick one, but remember -- for every action there's an equal and opposite reaction. Corrections don't happen like this without at least some sort of bounce that will most likely come up short to making a new high and thus confirming a longer down trend like we've been expecting.
$1,100-$1,105 is a huge floor and has a ton of buy orders on the book. A break of this level shouldn't happen without a bounce first.
The scenario playing out right now is actually identical to the one we saw earlier this afternoon where the price stabilized but made a slightly lower low and consolidated to a run up of over $100. This is likely to be the case again and probably of even bigger magnitude since the RSI's took such a hit with such volume.
Overall, I'd still expect us to see a lower high on the bounce (targeting the $1,260ish range)
Happy trading!!