A Bearish View of ETH Indicates a Deep Correction

If we look at ETHUSD from a bearish perspective, it shows potential for significantly more losses.

There is a rising wedge that has 1x and 1.5x targets around -720 and ~520 on the logarithmic chart. The linear chart's rising wedge targets ~350 or near to the log chart's wedge target's 2x measured move down, which lies just above around ~375.

The lowest targets sub 400 also line up with the lower trend, or the dashed orange line at the bottom, which could be seen as a channel that hasn't yet re-visited channel bottom since making highs.

Should we see a bearish exit of the rising wedge, I expect we'll visit that sub-400 area, possibly even wick below 300.

All that said, there's also a case to be made for a bullish expanded flat here, but that's not what this post is about.

I would expect this bearish scenario to be more likely to occur should DXY continue up beyond 105-106 -> 112, without an extended move back down to support areas around 98-101 or lower.