In my opinion a correction is needed... maybe ETH got a bit over-rated ?
I understand that the ETH-BTC picture is perfectly in line, and it could be just another ETH-cycle... however, ETH-USD correllation may be even more important in this case, don't you think? In order not to break the ETH-USD & ETH-BTC cycles, BTC would have to fall quite a bit and ETH would keep constant approximately... I don't think that would be the case since we all know what happens to the rest of the currencies when BTC bleeds...