Ethereum seems to be trying too hard to break the ascending channel it is trading in to enter a new one. Until and unless this channel is broken to the upside, there is still the possibility of a sharp retracement near term before we see further upside. For now, the market is at a point where either move can be expected because whichever way ETH/USD swings, it is going to be quick and aggressive.
A near term retest of the 61.8% fib retracement level does not seem implausible at this point. Considering that many traders are expecting a breakout to the upside, it is possible that we see a break to the downside first before that eventual move to the upside. This will have the two pronged effect of shaking out the overly leveraged bulls as well as sending a message to retail bulls that such retracements are nothing to be afraid of. So, when the market makers and whales actually pull the plugs, retail traders would think that this is just a retracement and we will go up from there.