ETH/USD was again returned off the descending trend line on Thursday ($320) as lower highs become the general theme.
The rally that preceded the current selloff was no more than a dead cat bounce, but offered traders the opportunity to get out with minor injuries. With the market currently being very Ether dependent a continuation of a broad market selloff is likely.
I expect the pattern to continue with a lower low made in the coming weeks, taking the price below $200. There will be plenty of demand thereafter; expect a classic ether style bounce to follow.
As always, trade with caution.
Sincerely,
My Hayek
