ETH (Ethereum) / EUR - Coinbase - 31 May 2018

After the 5 impulsive waves up Ethereum retraced slightly above the 0.618 Fibo level doing 1:1 ABC also know as 5-3-5 Zig-zag correction. There is a very big chance the first wave to end at 0.618 Fibo resistance level witch was already reached. I expect from here an ABC correction. Statistically the 2th reactive wave should retrace at 0.618 Fibo level before the 3th wave. This is my target (476€) for now. This target should be reached in 8 to 10 hours from now. The 3th wave must be the strongest and never the shortest so I expect this wave to break out the first downtrend line (pink line down). If 3th wave reach 1.618 Fibo extension then the 5th has a very good chance to reach the 2.618 Fibo extension touching the second downtrend line (ping line up). If the 3th wave reach 1 Fibo extension most likely the 5th wave will touch the 2 Fibo extension or will be extended one touching 2.618 Fibo extension. Will see when more data come!

The two downtrend lines making a interesting channel where the downtrend line down was previously support now is resistance.

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