On February 16, 2018, we said the following of Ethereum:
“Failure of the price of Ethereum to achieve the $1,040.05 by a substantial amount ($1,111 or more) would be an indication that the price will retest the $695.08 level. A retest of the $695.08 level without falling below the level would be constructive for a new bull market. It would be a second failure to decline below the $692.99 level. According to Dow Theory, this would one of the most constructive bullish indications going forward. Alternatively, if Ethereum fell below $692.99 then the expectation is that $617.09 is the minimum downside target.”
Unfortunately, Ethereum did not managed to exceed the $1,040.05 level. In addition to achieving the $695.08 level, Ethereum has fallen below the conservative downside target of $617.09, as mentioned in our February 5, 2018 posting.
Falling below $617.09 should cause holders to not be surprised by a decline to either of the mid-range level of $539.38 or the extreme downside target of $461.67.
Finally, the $279.31 level is the point if Ethereum were to replicate the rise and fall of Bitcoin as indicated in our February 5, 2018 posting.