TECHNICAL ANALYSIS
I was asked to do an analysis of ETH, so here's my quick thoughts. I don't trade ETH much, but if we see some possible entries I might give it a shot.
So on the hourly time frame here, we're looking to confirm that this is in fact the end of the ABC correction (as shown within subwave 4). The long wicks to me suggest a lot of fighting from the bears to drive the price down, but the bulls have taken control and are looking to drive the price up.
Going by Elliott wave, I can only see 4 possible waves here that make sense, so by that logic I'm looking for a 5th impulse wave up before another correction.
Now might be a great time to get into a swing position for ETH, but with all the ICO stuff surrounding Ethereum, I'm not touching it long term.
TRADING
Possible entry - If we break above the current swing high of .061235 then we are certainly on for an impulse move up.
If you want to be a bit more risky, you could enter around .0605 - .0612 and look for a scalp if we bounce at .0612. Or hold on for more profit if we break up.
I may enter a trade around here if BTC continues doing what it's doing (I'm in a position currently) and I'll be able to manage multiple positions at once.
Anyway, that's all I have to say on ETH. Looks good short term, long term still pretty bearish unfortunately.
Peace.
-B