SUMMARY
Below chart contains the original markings from previous update. The abc is a zigzag that completed and it was shown that ETH was in a corrective mode projected to about $796 or so. Price is now sitting beneath the belly of the upper line of resistance. The overall pattern is similar to that of Bitcoin (BTC) and the uniformity of sentiment is creating a high pattern similarity index.
The bullish scenario could have curren price move at the onset of wave 3 which would breach the upper blue line. Using Fib of 2.618 of wave 1 for wave 3; that'll be at approximately $1,947 or so. Some might call this crazy but I call the analysis as I see it. I often take my very first impression upon looking at a chart as such have been the most informative.
The alternate calls for a lower abc where the correction is not yet complete. Regardless, this would be a different count but with the same destination. Video has more details!
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