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ETHUSD made a nice bullish run this year from 1063; a move that can be counted in five waves so we will be expecting more gains after a pullback that is still underway after current intraday drop below 1600. We see ETH now in a downward complex correction; ideally, a flat meaning there can still be a recovery from the near-term support. 1500 area certainly looks very interesting for completion of a five-wave drop in (C) wave, so more short-term weakness is possible from a current rally in subwave four. A rise above 1798 will invalidate the current intraday bearish impulse, but on the other hand it will confirm the bullish turn.

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