Ethereum has pulled back from highs, after testing new highs and the upper bound of the Kovach Reversals Indicators. The Kovach Momentum Indicators are still bullish, but the Chande has pulled back slightly, indicating short term momentum has dropped off. Some retracement should be expected as the bands of the Reversals Indicators are extremely wide and must consolidate at some point.
We also appear to be in Wave 3 of the impulse of a 5-3 Elliott Wave, so watch for a pullback as we eventually enter Wave 4. New highs are still in sight and we have a Fibonacci Extension level at $625, and Fibonacci Retracement levels at $387 (anchor), $305, and $242.
Watch for some consolidation into a 'dragon head' pattern before another breakout.
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