Much like the rest of the crypto market, ether has found itself devalued by more than 90% since its all-time high of $1,400 back in December of 2017. And now, almost a year later, ether sits just above $100 on what appears to be shaky ground during its latest round of selling over the last few weeks:Figure 1: ETH-USD, Daily Candles, Rapid DescentSimilar to bitcoin’s movement discussed in yesterday’s article, ETH-USD experienced a parabolic growth profile during its bull run. One consequence of a parabolic bull run, however, is the lack of firmly established support on the way — which, unfortunately for ether, means no firmly established support to cushion its fall on the way down. In approximately 3 weeks’ time, ether has lost almost 60% of its value.Figure 1 shows the levels of support that have gone untested and the levels of support we have already blown right through. And, depending on whether or not we can hold current support levels, ether may be in for further lows. Figure 2: ETH-USD, 4-Hour Candles, Lack of RetracementThe entire move downward over the last few weeks has been so violent, the market has seen little to no relief or rally during the whole 55% drop. And now, the market is consolidating in what looks like a bear pennant at the bottom of its already massive fall. If this current support level doesn’t hold, we can expect a test of the $80 region, as this is our next level of untested su...
