Ethereum (ETH) bulls lost control of the price when it declined below $175 and kept on declining all the way till $165. The price is now attempting to retest the previously broken support levels as resistance but it lacks the strength to push through now that it is close to breaking out of the descending triangle. The 4H chart for ETH/USD shows that the price has faced a strong rejection at the trend line support turned resistance. The most probable scenario will be for the price to continue its descent from here towards the bottom of the descending triangle. It would not be surprising to see the price break below this triangle during the upcoming attempt.
This decline would then see the price plunging below $150 and eventually finding temporary support at the 61.8% fib extension level from the beginning of the parabolic rally to its top. This coincides with a price target of $144. Even though the price has declined significantly in the past 48 hours, it is important to realize that we are very close to seeing it break out of the descending triangle which means it could decline a lot more aggressively from here. There is an old saying in financial markets that the bull goes the steps but the bear goes out the window meaning that it takes more time for money to get into the market but less time for money to get out of the market. We have already seen that in the manner in which ETH/USD has been declining recently.
The daily chart for ETH/BTC shows that the downtrend keeps getting steeper and the next big move to the downside could make it even steeper.