The Ethereum markets initially tried to recover during trading on Wednesday but have sold off yet again. As the $2000 level continues to offer significant resistance, it’s obvious that it’s going to be a bit of a battle to get above there. The $1800 level is an area where we had seen a significant amount of support previously, so I think a little bit of “market memory” is about to enter the picture here.
The shape of the candlestick is a shooting star, so it does suggest that maybe we have a little bit more selling pressure ahead of us. I suppose if you are stuck on the principle of Fibonacci, we are at roughly 50% of the move from previous selling as well.