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Long

Current ETH rise looks suspect

KRAKEN:ETHUSD   Ethereum / U.S. Dollar
Our global view on ETHUSD is bullish but with a lot of caution. The rise since end of February is nothing but impressive, with the 187 peak not so high when compared to 166 previous interim top. Nevertheless,most rises show five wave advances,which is the fingerprint of an underlying bull trend.
In this confusing picture, current rise looks suspect regarding Elliott wave principles. It is hard to count an impulsive sequence. Furthermore, momentum is still negative and short term technical already in overstretched territory. In such context, the 168 area, which is a mix of one horizontal resistance with two upper line of channels may well offer a strong resistance. A strong and decisive break above would make TTH more comfortable with its bullish view.

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