Looking at the technical chart of Ethereum, I see it just recently broke the medium technical support level of $225-$200. That was a VERY bearish technical move, showing ETH will possibly test the next support level.
The rate of the price drop and the fact that there is VERY LITTLE TECHNICAL SUPPORT, tells me ETH will drop below $100 in a month or two, maybe even sooner as holders get more and more willing to sell at ever lower prices.
Some holders are in denial and will provide fuel for the next leg down once they realise the price drop wont stop before they are practically wiped out.
Thanks. That makes good sense.
From a purely chartist standpoint, at this level of $ price, there is really no support showing until $10, just an air pocket.
I think the relative BTC price is more worrying in a way. It is in a similar position, breaking support.
Charts don't really provide too much comfort, and I would say the level of denial/hope is more relevant. In some ways, that is painting an even worse picture.
I am reluctant to be a trader, but although ETH looks like a strong sell right here, there is a significant risk that the bottom is close. Any bounce could be strong.