Ethereum (ETHUSD) could be forming technically negative short term structure

The price action that has been unfolding this afternoon on Ethereum does indicate that it might be forming a very short term negative chart configuration. If that is correct then another breakdown below 1718-1720 from here could indicate that an approximate further fall of around $100 could be about to unfold. If that is the case, then it would target a move to something in the region of 1620. However, if a sustained move back above 1760 is now seen, then it would tend to negate that potential scenario from unfolding. Ethereum has been under a fair bit of pressure this afternoon since peaking above 1824 earlier today. It has traded to as low as 1718 so far and is currently trading at 1728.70