Ethereum follows broad based risk-off sentiment lower today and dips to as low as 2838.30 so far. The development is in-line with the view that corrective pattern from 2157.05 has completed with three waves up to 3577.70. Further decline is now expected as long as 3177.25 resistance holds.
Sustained break of near term channel support, and then 2490.05 support, should sent the stage for resumption of whole down trend form 4863.75. Next target is 61.8% projection of 4863.75 to 2157.04 from 3577.70 at 1804.95.
Similarly, bitcoin should follow and break through 38539 support soon, to resume the decline from 48226. Further break of 37550 support should set the stage for resumption of down trend from 68986. Next target is 61.8% projection of 68986 to 33000 from 48226 at 25986.
