ETH is somewhat hard to describe. What initially seemed like a relatively strong market has been dramatically brought down. ETH has historically fallen smoothly and quickly.
ETH may start stabilizing earlier than Bitcoin. It tends to either not drop at all or drop all at once. The small scale is closing candles around 3310, with bulls starting to attempt from below; a bit of sideways consolidation is still needed. The thought process is consistent with BTC. Do not chase shorts at this position. If the major coin continues to probe downward, ETH may see another wave of accelerated decline and will similarly need to show strong behavior near previous lows; one can start positioning for some spot buying. The ideal position to start buying spot is around 3000.
Positions to pay attention to
Support position
First position 3220-3241
Second position 3176
Third position 3020
Resistance position
First position 3475-3500
Second position 3526-3550
Third position 3578-3597
Daily market analysis, like and follow to stay on track.