Technical situation does not look too good here. The price is forming a huge head and shoulders patten. Currently, we are very close to the neckline of this formation (blue), which creates a dangerous situation for the demand – a possible bearish breakout.
If the price will break the neckline, the next potential target for the Ether should be the horizontal support on the 500 USD (green). Personally, I do not think that this will be enough for the sellers. With such a big head and shoulders pattern, we should aim lower, at least towards the next horizontal support on the 390 USD (black).

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