Ethereum has been hit hard recently, along with all the cryptos, including Bitcoin falling 26% from the 5th of May to yesterday's low.

Ethereum is down 52% in 129 days, but it has landed on a key support level and there is a possibility for a short bounce from here.

While the range potential is up to $3200, this trade is looking for a smaller target of just $2659, with the stop below the recent swing low.

The risk reward on this trade is not huge and it is in the face of a strong downtrend, so be mindful of that.