ETH big H&S preparing for another big drop

17 May 2018

ETH seems to be preparing for a very big drop soon, for me the only question is, when. First another move up before dropping are just go straight down from here. ETH had shown some real strength the last few weeks, but it has turned completely. Since it was not able to break the 740, it has made a lower low, almost confirming the down trend again. I mentioned in my previous analysis, that the 740 was the level to watch for the bulls, it made several attempts but each time they failed.

The H&S gives a target around 450

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Previous analysis

18 May 2018

Not

So far not much going on with ETH, from the looks of it will make another drop towards 660/665. Because i think BTC will make another drop and ETH rally is even weaker than BTC.

19 May 2018

Not

So it broke the trend line and made small rally. Still not much has changed, but if Bitcoin does go towards the 8600/8800, there is a big chance now that the 740 will break upwards, if that happens there is a big chance this big H&S of ETH won't be valid anymore.

20 May 2018

Not

So far bulls are fighting back, it looks like they created an inverse H&S, if they can break the neckline with volume, price should get above the 740 even. That would mean my big H&S will probably fail, at least a very big step

23 May 2018

Not

Bulls really tried to hold the neckline, even when BTC was dropping it looked quite strong, but eventually the selling pressure was to much and ETH played catch up to the rest of the market. The neckline is clearly broken and the H&S is confirmed. Normally we should see a retracement towards the neckline again. 680 Will be the first heavy resistance

27 May 2018

Not

So ETH is still perfectly going towards it's target. It's inside a big bear flag now, i have drawn 2 lines here, because it could be it already dropped out of that triangle or it's still inside a paralel bear flag. Since we have not seen any real acceleration down, we have to assume it's inside the parallel flag. Which means there is still a chance for a bounce up. Looking at the stage it's in, the volume picture as well, it's almost certain it will drop much more. As long as it's below the 620 it's 100% bearish!