This is my take on the ethereum situation right now and id like to start by apologizing for the busy chart but I wanted to keep everything im looking at up so you all can see how my thought process is and how im coming up with my scenario here. Its my OPINION that eth is set for a minor pullback here as it looks like a bullish impulse wave 3 is nearing its end here. RSI is around 80 on the 4 hour chart indicating overbought zone and has reached the 1.618 fib level extension. It has breached the previous strong resistance of $478 with some force and both the 26 and 55 moving average are showing bullish so i do believe that it will continue to climb here unless we cross back under 425. I see a pullback to around 440 as possible before starting wave 5 where my targets are marked. If we fall below 425 all counts are off as that would indicate a failed wave count and further corrections. Thanks to all who have viewed and please like share and comment if you enjoyed this chart. As always this is not financial advice, just a guy sharing his ideas and hoping to maybe help out others interested in learning. Also im always up for any criticism or debate that anyone would like to discuss
Trade active:
still holding long here as we never saw the expected retrace, stop set at 485 to protect profits but still looking bullish so definitely holding here unless something dramatic happens then will be waiting on an entry to buy back in as im expecting this to go to 3000$ by end of year