Ethereum Technical Weakness Continues; Short Trade Seems To Be The Only Play

Ethereum has been trending down in the last 24 hours and I called for a short set up near 450 but as we can see, we still have not met that. I assumed we would touch our zone before H1 BULL DIV formed but looks like BULLS needed extra help. The wave 5 target was also not met as we did not reach 414 but all is well if you sat on your hands and did not enter.

 

Now we must find out what does ETH want to tell us today.

 

Diving into the H1 charts we notice some things have given a clearer picture and overall very good set up if my TA is correct. We have finished a 5 wave move own as we had confirmation of trend reversal given H1 BULL that formed overnight.
Now we are looking for a 3 wave move into the opposite direction that will then be accompanied by another 5 or 3 wave move down. So for this set up, I want to go short near the .5 retrace of the previous downward move. In order for our entries to be met ETH must sustain H1 support while letting H1 STOCH pivot.
I have specific targets shown for points where I think we can make an immediate turn, you can see a ladder tech used in the red zone. Targets are also staying the same for the SHORT term. A stop is the same as I think a close of that zone will trigger some people to flip positions.
Remember to always practice good risk management and not every trade is the trade.