ETH has had a crazy week, my previous analysis caught me out as well dropping lower than I expected it would, if you zoom out of my chart you can see it almost touching my at 3906. not a great analysis by me here.
I have taken a large fib a while ago and my favourite retracement level is the small box between the 0.382 and 0.414, price actually managed to come straight into that box before seeing a lovely bounce back to the upside. (wish I had noticed that fib before the big drop)
now we are in a crucial area for several reasons, first reason is price failed to make a higher high, it is extremely close but that is what price can do, tricks the trader to go long as it looks like we are but I would potentially look at a pattern playing out here or a W but that is less likely.
I have drawn my most scenario here and that is an we are looking at my original box acting as resistance and I think a reset of the lower time frame and will give price the momentum it needs to push back to the upside, finally breaking this short term down trend pattern and having a lovely Monday.