Being the King of volatility in CC space ETH's gone dead over the last couple of days currently sitting between 13 (blue) and 34 (yellow) 1D WMAs. To find its direction it has to break out either way from its present confinement. Moving above 34 1D WMA (currently @ $220) will open up $236 level where it is going to be met by a strong resistance of 89 WMA (brown). If it closes above this level on the daily basis it will be met by yet another level of resistance provided by the Gann's Square of 9 congestion of the daily cycle numbers currently spreading between $256-266 levels.
So, all in all, to go up it requires a really strong effort and if ETH manages to do so this by itself will imply the beginning of Wave III of (III).
On the contrary, there's nothing from the TA stand point that prevents ETH from returning to its recent lows except for a relatively weak support of 1D 13WMA (blue) currently @ $210.
PS. All numbers are based on xBTCe pricing. More liquid exchanges are $7-15 higher.
https://www.mql5.com/en/charts/7389794/ethusd-d1-distel-enterprises-co
