My last ETH update was bullish. Since then the situation has changed. With BTC being bearish I have to favor the bearish variant for ETH. In fact I won't even give a bullish variant today, because right now it is not very likely. This situation would only change if ETH would be able to make a new high above 304$ level.

This is a special shoutout to one of my biggest supporters @knircky who requested an update on ETH.

Right now ETH is in the same spot as BTC. They are running quite in sync:

This is why it is not likely that ETH will have a different path than BTC. Here is the BTC count:

And now ETH:

There are a few possible counts for ETH but most of them lead in the same direction. DOWN

I am not saying that ETH will drop in a straight line down. Of course there will be small and big corrections along the way, probably in sync with BTC.

It is very rare that you see a huge drop with only small corrections...

After the next big drop, ETH has a good chance to see new alltime highs.

If you think this to be useful information:

DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.

Tell me what you think...

Have a nice day :-)