Ethereum: today's fall

Hey guys,

So as of 15:08 GMT ETH has fallen by about 13% against the USD. So much low can this go?

In one of my previous posts I suggested the idea that a massive H&S to the upward could be forming, which can be seen in the below diagram.

ETH has risen by quite a bit since 12th April when it started rising. The rise from about $400 to yesterday's high was 77%+...so a 13%+ correction is a good thing IMO...although painful to look at. IF this is just a small correction and the trend is still up (i.e. its come out of the bear market and going up...if thats what you believe) then I would say the following possibilities as a target price before going back up:

$580: This is the bottom of the left shoulder thats formed and it is the top of that spike back up after that big dip (area around point 1)

$540: If ETH falls more it could stop at $540 as that level have been hit twice (area around points 2)

$460: Any further fall I would say the area around $460, HOPEFULLY NOT as its nice to finally see some better numbers for the past 12 days. But I chose that level because thats when that dip (point) 3 dipped and spiked back up. But of course we could argue that well it still went below that level afterwards. IMO to see that level again BTC would be doing quite bad and that a lot of bad news comes out simultaneously. Also I'm guessing by that level there could be a lot of short sellers and it might trigger another short squeeze and cause another spike up like BTC did on 12th April.

Anyway this is just my opinion and again this IS NOT trading advice. Thanks for reading.