@josephtse, I don't think that will happen, only reason why sell off occured is because of the ICO ban. Which was a ridiculous overreaction. People in know sold on Friday and Saturday. And then Sunday it's announced. It's not a coincidence. Market will realize this is actually very ETH price positive, and ETH will be at new ATH in October. This is a bear trap of the likes we do not see too often. I'd cover if you didn't already.
@NoCode326, I don't agree. I don't think the two are not totally related. After this uptrend which I think is wave B, eth was due for a large retracement. It should hit near the peak of the 1st wave on the first trend/elliot wave to 410/420.... I think we're in C now and will see 3 waves down. Maybe a d and e leg too. It will consolidate for a while me thinks.
On Gdax it it 285 bounced then couldnt get below 290 on the next down turn. Just hit 326. It looks like it could consolodate between 327 and 285 in GDAX prices. Hopefully the sting of that China news will wear off and it will rise after that. and this down turn will set up well for new gains.