Ethereum has broken out of its downwards channel as of yesterday as predicted. However, it broke through with a vengeance nearly testing the $253 resistance level. It has been on a downwards trajectory for the past 18 hours and seems that the fight at $206 should occur today or tomorrow instead of yesterday. If it fails there, expect it to test the top of the downwards channel line at around $195. If these levels hold, the break out could be confirmed. If not, watch out for a fall down to $145 in the near future.
Levels to watch:
-$253: Overhead resistance
-$232: Overhead resistance
-$217: Current Price
-$206: Potential support but I'm expect a failure here.
-$195: Top of downwards channel line. Potential support but I'm expecting failure here. If not, this could confirm the breakout.
-$175: Potential support but I expect another failure again on the next move down.
-$145: Bottom of downwards channel line
-$145: Support. Could break this level in the next fall.
-$116: Major support. Tested a few times before the last big run up.