ETHEREUM HUGE Bear Volume Sends Prices Down From Consolidation

Well, I thought this was going to be a different story. We saw a rally into consolidation but we also saw a bear break from said consolidation with a massive volume bar in the current candle (and large in the shorter time frames).

Ethereum has blown through two support levels at $602 and $600 and now has found support in the low $590's. Resistance levels will now be the $600 and $602 levels respectively.

We have seen this type of chart pattern before where there's a big bull move, consolidation, bear break, and the prices hold a higher low and maintain on a longer term up trend level. So, there's a likely hope that if we find some support along the trend line (forgot to draw, sorry), that we will see some more sideways trading before bulls send prices above where they were prior to consolidation.

Right now, technical indicators are extremely bearish, and the bear break with big volume is definitely confirming these indicators. Even the longer methodical indicators like MACD are extremely bearish looking.

The bull move this morning initially looked good, but the recent bear move dwarfs anything close in comparison.