I´ve drawn a speculative possibility:
what if the ETH would have a parallel movement as we have had from march to may 2018?
This isn´t far away from the possibilities.
Taking EW we can draw an ABC-correction with ending on 220.
220 is also a level where ETH has had some fights in 2017.
ETH broke out of the wedge - leading the price to the last low at 290$; this could have been an intermediate support - not more.
RSI is staying in bearish zone; perhaps entering the oversold area.
Conclusion:
There are some risks that the correction isn´t over yet and it could be continued to 220$.
On the other hand a V-correction with prices on the top at ~ 440$ is still possible (bus less probable).
Before taking a decision I would wait and see if the actual support on 290$ will be strong enough (or not).
what if the ETH would have a parallel movement as we have had from march to may 2018?
This isn´t far away from the possibilities.
Taking EW we can draw an ABC-correction with ending on 220.
220 is also a level where ETH has had some fights in 2017.
ETH broke out of the wedge - leading the price to the last low at 290$; this could have been an intermediate support - not more.
RSI is staying in bearish zone; perhaps entering the oversold area.
Conclusion:
There are some risks that the correction isn´t over yet and it could be continued to 220$.
On the other hand a V-correction with prices on the top at ~ 440$ is still possible (bus less probable).
Before taking a decision I would wait and see if the actual support on 290$ will be strong enough (or not).