I was asked what my bigger picture view is of ETHUSD. I think it is pretty apparent we finished a 5 wave impulse back in December based off the wave 4 triangle we came out of following the $420 high. Rule of thumb in Elliott Wave theory is that bear markets are generally bound by wave 4 of one smaller degree, so in this case ~$132, which lines up with my current $125 price target based on smaller wave fibs. There is not enough price data to say what wave this is, could be either wave 1 or wave 3 of cycle/primary degree. Wave 1s can retrace much more than this, however a wave 3s are generally bound by the 50% fib retrace. If $125 doesn't hold, I would look towards $68 and then $25 purely based off the semi-log fib retrace of the entire 5 wave move up.
Note
Here's a look at the channel I'm tracking for ETH on the daily. Could definitely see the $60s, but I would not be surprised if we bottomed out beforehand. 
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.