It looks like ETH want to have a cup of tea before the fall... I believe we are seeing the formation of wave 3 on a weekly chart.
Very structure. I would wait for the formation of the handle (hoping I am right).
A- Buying in from 310 to 316 low to mid strength support (not my favorite entry).
B- Buying in from 250 to 280 high to very high strength support (The heavenly entry!!!! (if happens)).
C- Wait for the massive pull back and buy after the break out the 400 mark (pussy entry(but low risk)).
If the is formed eth is going to the moon.
In the other hand if you analyse the whole cryptomarket cap trend looks like wave 1(rally march till June) and wave 2 (correction June till august) were formed, so know we could be forming the wave 3 for the entire cryptomarket as one unit.
Fibonacci for big market cap cryptos are at least .50 but more usual are .618 and .78 for pull backs and for extension from 1.618 to 2.618 and everything in between.
It would be very very very unhealthy for Ethereum not create a handle...
Thanks for your comments....
Question, if ETH drop to the level of $180-$200, does it make it a Double Top? Would it mean further bearish movements?