Note: We are utilizing the Elliott Wave Principle.
ETH/USD may have registered a temporary high near 251, where wave 5 equals wave 1 - a common wave relationship. This implies a corrective pullback, which would provide a buying opportunity. A key zone to watch near term is the 225 - 218 Fibonacci area. Overcoming this zone will likely then target channel support near 200. Closing price action below this level would confirm a bearish reversal is underway and probably then lead to a larger decline towards wave 4 extreme near 175, a common target for second-wave pullbacks. Near this level, we will ideally see a bullish reversal.
Bottom line: The big picture is bullish, however, near term, a corrective pullback is likely to precede the next five-wave advance in ETH/USD. Ivo Z
ETH/USD may have registered a temporary high near 251, where wave 5 equals wave 1 - a common wave relationship. This implies a corrective pullback, which would provide a buying opportunity. A key zone to watch near term is the 225 - 218 Fibonacci area. Overcoming this zone will likely then target channel support near 200. Closing price action below this level would confirm a bearish reversal is underway and probably then lead to a larger decline towards wave 4 extreme near 175, a common target for second-wave pullbacks. Near this level, we will ideally see a bullish reversal.
Bottom line: The big picture is bullish, however, near term, a corrective pullback is likely to precede the next five-wave advance in ETH/USD. Ivo Z
Note
The latest drop in ETH/USD was corrective, moreover, the projected Fibonacci area held when tested. This keeps the focus higher in ETHUSD. However, the bottom line remains the upside is limited short term and a corrective pullback is due, as discussed in our latest update: 
Disclaimer
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.
Disclaimer
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.