The price of ETH is moving on support line of falling wedge on daily chart, simply following Bitcoin price. Any reaction from big brother will move the price of Ethereum as well. Despite the drop from all time high reached in May, ETH is still up some 160 percent from beginning of the year.
The price is sitting on 200 MA ready to test the upper ressistance in wedge formation, once it goes over it, it will become even more bullish. My target is $2850 and $3150.
Ethereum correlation with Bitcoin saw a drop in early May to the sub 0.6 levels due to completely independent price movements that Ethereum made during that period. The one-month correlation was between 0.7 and 0.8 in April before dropping to 0.5–0.6 in early May, but it rebounded drastically to 0.9 in early June, holding high levels since.