SUMMARY
ETH, while not reflecting the pattern of Bitcoin's correction, the abc had been quite similarly timed with BTC's bottom and recent turn. So, yes, ETH is following BTC. The abc is a zigzag (5,3,5) and is likely complete.
The channel drawn can be indicative of an ongoing impulse as labeled. There is likelihood that wave 3 could breach the upper blue line during overnight activities. IF it doesn't, then the next likely action is for price recede to the lower blue support line.
Note the upward pointing wedge. This wedge's apex hits the upper blue line of a much larger, downward pointing channel. I believe the top channel line will act as a resistance and given that the abc looks complete; price should be able to breach it. However, the wedge also means that price can bounce around in a corrective fashion before being able to breach the upper blue line. This pattern leaves open for a while longer a more bearish connotation where rather than an abc; there could be an abcde set of waves. Therefore, one needs to be aware the the current rise could hold the potential for the D wave.
Until that breakout is confirmed decisively, the projected white impulse waves remain with only wave 1 having the probable completeness. Perhaps, overnight price action will deliver the breakout; aided by Bitcoin price strength up!
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