As i was making this chart the price spiked.I was about to suggest a 20% retrace upwards. to around 400€ which is currently happening. Wow. Ok ok. then u will see what may or may not happen happen next on my chart. We are creating bull patterns everywhere.
This mini parabolic run will probably get shut down unless the rally is really kicking off already. It might have happened sooner than we think - either that, or we will get smashed down not so hard eh? :)
Besides the recent price action I have always thought of 300-400€ as a very very good entry price. So no matter what I have yet, to regret my position.
I'm interested when this rally will get shut down, or if it will, the market had already soaked a lot of ETH up and we have held 300 for some time. all the signs were there, and this upward correction was bound to happen which I have implied for some time now if you have followed me.
Black lines above 0.5 are TP zones if u decide to long this but need an exit. I would use trailing SL and use the bottom of the current channel as the SL. So longing here carries a bit more risk if you don't already have a long open.
This is no investment advance, only my personal thoughts and reflections.
If I'm correct we will slowly correct down to right below 0.618 retrace (fractal theory) but there will be some stalls and attempts to continue the rally that will get denied) down. I suggest buying the dip as there is high probability that we have broken the downtrend (This is where most scared money stay on sideline and watch us take off).
NEXT wave will be very interesting, each wave from the low 300's made 3 Waves each wave has pushed the price up, this has been true for the 2 Waves we had since we got our leg up. I Think there is a great chance that we will see the third wave reaching 485€. I'm going to make a more in depth analysis later tonight. Stay tuned :)