About 3 days ago I posted a short information on eToro (http://etoro.tw/2rPBRPt) saying that we might be seeing a trend revers in Ethereum :
as this post and the ETH price drop aligned with the new ICO, system block and the famous flash crash of ETH price not a lot of people believed me.
And here we are 3 days later with Ethereum price continuing to drop (currently it's at 310$ but we where on 290$ level already) and what I'm seeing now is a perfect alignment of the ETH chart with the Wall Street Cheat Sheet "psychology of a market cycle"
If the 2 upcoming events (Money 20/20 Europe 26-28.06 and the Blockchain Event 2017 that starts July 17) will not help the price to raise above the 350$ resistance then we might be looking on a much longer down trend.
And I know what you all will say, there was a new ICO (...oh irony) and a lot of people changed their ETH coins to SNT - true....
BUT ... and it is a big but :)
The chart almost perfectly lines up with the Cheat Sheet. Seems like we are going to the complacency stage now and if we will not break the pattern then... well you can see on the image above.