SUMMARY
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Ethereum (ETH) is displaying a high similarity index to Bitcoin (BTC). This is often called the "All the Same Market Phenomena". In other words, many holders of ETH are also holders of BTC. The combined social mood therefores is reflected in the price of BTC and ETH generating a high similarity index.
The below short term chart is also showing the blue downward wedge but it is not an ending diagonal sequence. Price broke out and impulsed up five waves and obviously correcting today. I've placed the red C wave towards the 0.78 Fib level. It's not a required level of retrace but expected.
If a second impulse motive can deliver $610 or higher levels; it would be a significant milestone. The second impulse would provide a greater confidence to the trend reversal.
The longer term also shows a bull flag (purple). The white arrow shows the the upper purple trendline needs to be breached and the $610 or higher from the second impulse motive would allow that.
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