The latest decline in ETHUSD was corrective, which we label wave 4. The prospect for more upside activity remains intact, however, we believe the upside is limited as prices are tracing the final leg up of a larger five-wave advance. An ideal topping zone is the 269 - 279 area, defined by where wave 5 equals wave 1 and channel resistance. Within this price range, we look for a temporary top and a corrective downside reversal. An initial downside target is 218, the wave 4 low. Below there opens up the 196 - 176 area of wave ((iv)).
Disclaimer: This is not trading advice! I am merely expressing my opinion, utilizing the Wave Principle as my main tool. You should always do your own research before risking your hard-earned money. The opinion expressed in this post is for educational purposes only!