The expectation was a subsequent correction. Interestingly enough, ETH found support at the 1st of 2 support lines I have drawn.
From here, the assumption is that ETH will consolidate upwards towards the confluence of 3 . It’s too early to know whether the price structure will play out as a or an .
Alternatively from EW theory, the wick I spoke of earlier may have been the end of wave 1; price currently completing wave 2. For reference, I plotted out a potential 5-wave impulse with a target of ~252 coinciding with the 1.618 . Coincidentally (or not), the Fib extension lines up with a previous swing high (R).
Price action should be interesting leading into 2019. Stay safe and happy trades!
Disclosure: I am long ETHUSD swaps