On the daily chart ETH sits within a clear triangle and breaking either way will define its further path whether it is up or down.
The daily 89 WMA (brown) upward slope means that the bull is very much alive and once the triangle is broken up we have a $335 leg up from the breaking point level. Closing on the daily basis above 34 WMA (yellow, currently @ 298 as per xBTCe feed) will trigger such an event.
On the other hand bears have a lot work to do to turn 89 WMA slope downwards. To achieve this the very strong band of dynamic support currently sitting between 187 and 247 has to be broken down. Closing on the daily basis below 241 (xBTCe feed) will signify an attempt to do so with no guaranties of success at this point of time.
In the meantime we are bound to oscillate between 89 and 34 WMAs (daily) in the narrowing fashion.
PS. Similar dynamics are being displayed by the BTC daily chart which defines what is going on in the entire crypto space.
https://www.mql5.com/en/charts/7288315/ethusd-d1-distel-enterprises-co