The general situation on the market affects ethereum as well, and we are waiting for a signal below the level 300. In the daily chart, we see a neat pattern with volume decay, which usually happens before a surge. The calm before the storm will not last long and after overcoming the level 300, a large operational space will open for ethereum. A symmetrical pattern will be realized in the range 300-400.
The fresh growth trend looks promising. The channel consists of three registers, and we are in its upper part. Those who bought ethereum now can only wait patiently for the three main targets (320-330, 380-400, 500-550) to be reached.
The market profile shows strong tension around 290-300. On the one hand, this is the level of maximum traded volume in the current "decline", on the other hand, the price is at the upper limit of 70% volume distribution zone (blue line). Breakout of level 300 will lead to "flowing" of these volumes to new levels. As said earlier, the next two targets are in the usual range 300-400 and are resistances at the same time (red rectangles).
When the script is unraveled, I slowly sip tea and look at 15M charts where I find additional evidence. Any declines are instantly bought out leaving behind only long shadows of candles.
Good luck with your trading!
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