Price rejected the bullish breakout from the bearish channel three days ago. Since then price has fallen from $515 to as low as $440. Now price is trading just above the key support, where price remains in the bearish channel . Thus indicating that the market view on ETH is still bearish for the time being.
ETHUSD Stays Intact in Bearish Channel by EmpowerTrader
Scenario One ( Bearish Breakout): Price will test key support, followed by a bearish breakout; Thus, exiting the bearish channel .
Scenario Two ( Bullish Rebound): Price rebounds from key support, heading to the next key resistance; Thus, remains in the bearish channel .
ETHUSD The Bears Are Not Over Yet by EmpowerTrader on TradingView.com