After the 5 impulsive waves up Ethereum retraced slightly below the 0.618 Fibo level nailing exactly the buy zone from my last post about ETH/USD from 22 May. If you have followed me then you could do a bank with ETH.
ETH (Ethereum) / USD - 22 May 2018
I expect from here an ABC correction. Statistically the 2th reactive wave should retrace at 0.618 Fibo level before the 3th wave. This is my target (555$) for now. This target should be reached in 8 to 10 hours from now. The 3th wave must be the strongest and never the shortest so I expect this wave to break out the first downtrend line (pink line down). If 3th wave reach 1.618 Fibo extension then the 5th has a very good chance to reach the 2.618 Fibo extension . If the 3th wave reach 1 Fibo extension most likely the 5th wave stop at the second downtrend line (ping line up).
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Legal Disclaimer: This blog post and the materials in it are for informational purposes only. I'm not an financial advisor. This is only my opinion. It is not advice or recommendation to buy or sell according to provided information about the price movements and I am not liable for any pecuniary damages!