When we analyze the markets we deal with uncertainty. At any moment we have several potential scenarios. To make the forecast easier to understand we choose one of them as preferential and keep in mind that if important supports and resistances are broken we have to adopt the alternatives and accept one of them as a new preferential. This is exactly the case with the chart of ETH/BTC . The previously described scenario is now death and we have a set of new alternatives. I will present today two of them. The chart screams bad news for the short term bulls (several days or even weeks), but for the mid term investors the prospects are pretty . With support at 0.02350 broken I expect the price of Ether can slide below 0.019. I will not exclude there is a test to the bottom at 0.015. Recovery can restart at any time in the coming days or weeks but I need signals for confirmation. My new expectations are for wave 4 (blue) will unfold as a and his sub wave C (pink) needs a bigger decline before it's done.
Comment: There is a small possiblity for the bullish scenario to restart today but I will not depend on it.
Interesting, tough to see it getting that far down then reversing to new ath in such short time span. To me if it gets that low (I think it will) it will need some time to cool off before such a rise. Sort of like the LTC bubble last summer, it took almost a year for it to cool off before just now starting to ramp up again.
Yes, I don't rule out such development and I will be ready to accept it as a preffered scenario if the support at 0.015 is broken with large volume and the price stays below this level. What I hope is that Eth will gain interest again because of his features that are making him different from LTC. If the case for Eth is a bubble as some people believe, bubbles are used to unfold as 5 waves up. IMO the fifth wave is still missing. I axpect such large correction as you describe too, but I think it will develop only after this fifth wave is done.