ETH/USD broke below the support trend line (dotted green) of the sideways bear flag chart pattern, which seems to be a typical shallow wave 4. The bearish breakout could complete a wave 5 of 5 of C at the -61.8% Fibonacci target (when placing the Fib on wave 3) at the $200 mark.
Of course, bullish price action candle stick patterns will need to confirm the bounce at the Fib target. Strong reversal signals could indicate the end of wave C of a long-term wave 2 and start a long-term uptrend and potential bullish wave 3.
As can be seen on our Trading View profile, price would however need to break above resistance trend line and HMA 89 with strong and impulsive candles, then make a pullback that does not break below the bottom, and finally show a bullish continuation.