Some bearish action overnight.
After a bottom of $197 ETH recovered in a very nice uptrend channel.
The hourly chart shows how the 50% fib retracement acted as a huge resistance repelling the buyers both times they tried.
We can see a break in the lower channel but a recovery back into it, could be a false break but we have to see further price action.
MACD pointing bullish.
4 hr chart
Gives a better picture of the retracement process, after a run around 243 (23.6% fib ) to above 290 (50% fib), a correction to 38.2% makes total sense.
Looks like it will test again 296 levels (50%), next one would be 319.5 (61.80%) if they succeed.
12 hr chart
Looking very bullish.
Major support at 310 and the next around 338.
DAILY CHART
With all said and that daily resistance broken.
We need that bullish cross on the MACD to confirm a reversal of the trend.
I have a feeling of more news coming to turmoil the market these days but let's see, the market is looking healthy.
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