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Ethereum (ETHUSD) Back to Near 50% Fib Retrace of May-Jul Fall

Ethereum (ETHUSD) saw a fairly sharp but healthy correction this past week, and is now testing upchannel support (on the daily chart) and the 50% Fib retrace of the May-Jul Fall. Significantly, although odds are decent for the ETHUSD to slide further this week to the psychologically key 3k whole figure level, the likelihood is fairly low for now that ETHUSD is at the beginning of a deeper slide similar to what was seen in May-June. ETHUSD's correlation to BTCUSD (on a weekly chart) is suddenly back to 0.88 and nearing the upper end of its 5 year range. I am long as of this past week in the 3340-3400 range, and am targeting 3300-3600 for September. The weekly RSI, Stochastics and MACD are tiring, weighed by the still downsloping daily MACD.

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