Ethereum Had A Horrible Week - Down More Than 20%. So What Happens Now?

It was not a fun week for Ethereum last week. First it had a flash crash and fell 95,8% (read story here: https://steemit.com/ethereum/@freeforever/wtf-did-just-happen-to-ethereum-on-coinbase-it-fell-95-8-during-1-minute-now-recovered-most) then it recovered a bit but ended up falling hard on Sunday. In total, Ethereum fell 20,8% on Coinbase. 

But lets have a look at the daily chart first:

As you can see, Ethereum had the flash crash one Wednesday when it during 1 minute fell to 13 USD!, that is totally nuts. However, it recovered a bit but then lost it again on Saturday and Sunday. So where do we go from here? Well, there is support around the 250 area which it has already touched so that is the first area to watch. The second support area is near the 200 mark, so look out for those two areas.

Now, lets have a look at the weekly chart:

From the weekly chart, we can see the candlestick. It does not look pretty, so the most realistic expectation is another downweek. However, a downweek does not mean that the week must end at the very low, it could just mean that it will fall hard but then find support and recover at the end of the week.

As a long term trader or investor, I would not buy or sell at this moment. I would wait and see what happens and make another decision at the end of this week. I´m very bullish on Ethereum over the long haul, but nothing can go up forever, not even cryptos, so I welcome this pause.

However, what is imortant is that the month of June ends on friday and that is more important than the weekly development. So, if the Ethereum price will create a negative candlestick for the month of June, that is something to follow very closely. I will keep you posted on this, stay tuned.

Happy trading!