Ethereum Update(14/06/2017): Correction In the Horizon?????

Today I want to start this analysis with a QUESTION, Is this a right time to enter this script?
Oh don't look up at a heading now , I am not going to be bias in any view......
Ethereum is a Digital Currency which has gain its popularity in very short span of time and you must have heard in news or read on other Authors article that how its market cap is about to surpass that of Bitcoin. I am not going to discuss here its fundamental detail as I am very week in that, but everytime I write such article, I just try to read out charts as per their command. 

Now if i draw your attention on chart below its just a plain chart few stick which we called candle and by looking at those candle you can also get little bit of idea about the behavior of particular script, which I don't think its enough for decision to invest or trade.

So, in order to get a bigger perspective of the behavior of particular script and in this case its ETHEREUM, we analyst use our drawing tools and chart start to look like way it is looking now below. 

Now I come quickly on a point, you can notice in chart above that Ethereum is in a bull run and in a one month only it has move from $96 to $420 which is roughly around 430% gain. It is following a nice higher high and high lows  pattern which is also visible in RISING CHANNEL(highlighted blue lines). If Ethereum continues to follow this channel then day before yesterday it touches a all time high of $420 which is at top point of rising channel, now it is moving sideways or consolidating around these levels but their is higher probability  of touching of lower end of this RISING CHANNEL which come roughly at $308.

Now the scarier picture.......

Chart  below is weekly which means one candle tells a movement of one week in it. If I draw your attention on this chart, I want you to notice its surge, it just spike up like a rocket and also negating its moving average  and in process it also in Extreme over bought zone.

 Just to quickly wrap up this up please look at where 10 week EMA is laying and how far this script has move far from it. It is a certainty in chart that every script try to test its ground which we call support in technical term. And i am afraid this moving average is at $201 now, which this script can test in short span of time.

So , I conclude this analysis with an answer to question I raise at start that this is not a right time to enter this script, its too much much heated up and can correct significantly any time and then check fundamental news related to it fall afterwards.

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