The ether is currently in a triangle. To me this seems to be a wave four in the first wave one. If he leaves the triangle upwards, which can take 1-2 days, the target is up to 1000$. This would then also be the 68% retracement of the entire downward movement since January.
Here's my long term Elliott Wave count on Tron. This is also the reason why I am so bullish on Tron. The increase since the beginning of April looks impulsive to me, not corrective. And even if it looks like a correction to $0,060 (worst case) in the short term, my price target is over $1 by the end of the year.
Prices below $ 0.052 would be very bad. This would...
I'm always amazed at how powerful cryptos are. Especially in wave 5, the good thing is that a big cycle wave 5 is probably running right now.
I underestimated wave five of the first wave in the last analysis. I was very surprised by prices over 630. And maybe there's still an overshoot. But I'm sure Wave Two will come. And this will be a good chance to get in.
An update of my main scenario. If the ETH course succeeds in overcoming the resistance (pink line), we could expect new tops. But before that a short selloff is possible at any time (if prices are below $700, I'll be bearish).
That's how I see the Ethereum course right now. We are stuck in a "segment", with a decreasing resistance. I expect that we will overcome this resistance and see new tops. But beware, there may be a selloff again. I would use it to build up new positions. Following the motto: "Try to catch the falling knife" xD