@WealthHustler, The shorts got caught and are covering. Once the covering is over it will fall again. The trend is still bearish, nonetheless, we could go as high as 267 before ETH runs out of gas. Look how bearish the RSI indicator is. I think ETH was oversold and needed a bounce before the next leg down to continue confirming the bearish trend. Good luck.
@biffbifford, I agree but wave iv can't overlap wave i (260). So expect retacement near the 50% fibo (+-240-250). Another options this is the beginning of a triangle and ETH will stay above the 200 some days.