Ethereum is in free fall this week, apparently weighed by hawkish FOMC minutes. ETH/USD even accelerates downwards after taking out 3439 spike low. The decline from 4863.75 is seen as reversing the whole move from 1715.62 to 4863.75. Further fall is expected as long as 3581.55 support turned resistance holds.
ETH/USD should target 61.8% retracement of 1715.62 to 4863.75 at 2918.20, or even further to 100% projection of 4863.75 to 3439.00 from 4126.20 at 2701.45 which is close to 2647.30 support ), before forming a bottom.
Bitcoin is also following and breaks 41908 spike low. As noted before, there might be some temporary support between 39559/41908, around 40k handle. But outlook will stay bearish as long as 45560 support turned resistance holds.
Fall from 68986 could extend to 61.8% projection of 68986 to 41908 from 52101 at 35366 before BTC/USD forms a bottom.
