ryopphdi
Short

ETH likely to be topping soon

KRAKEN:ETHXBT   ETHXBT
488 0 7
It looks to me current move could be close to finish. We are approaching upper border of channel drawn from top of 3rd wave. In theory 5th wave can reach the channel or even break it for short while.
Comment:
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WE had correction on ETH prices from 0.03 to 0.024, but today prices are re-testing the previous top. So far looks like this test is going to fail and I think we might be within 'B' subwave. Therefore expecting wave 'C' down possibly to stop somewhere in region 0.02 - 0.024.

Then we may see bulls resuming from there for a final push higher.
Comment:
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ETH dropped to 0.02 but is still within raising channel. If this channel gets broken we will see more downside to come. If not it is quite possible ETH may re-test the recent top at 0.0037
Comment: It seems correction needs more time to develop. We are likely to go bit higher from current levels to eventually see final leg down.

Comment: ETH breaking to the downside from current consolidation? It is quite possible we are in bigger correction of whole bullish cycle. If this is true then bear market can easily last until May. Potential target for end of downward move can be below 0.01. This would mean whole bull cycle was corrected by about 80% which was not unusual for bitcoin after huge rises.

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