Unlike BTC, ETH didn't make a new low, as a result, so far it has been outperformed by both BTC and alts.
But also, the downtrend range has been more narrow for ETH, and is now a few $$$ away from the breakout point.
Indicator are looking good, RSI isn't overbought but in bullish territory, there is a bullish divergence still.
MACD has turned positive, has a HUGE bullish waiting to to be confirmed (needs a new high above purple line)
Moneyflow has been rising non stop since the low.
Those are positive signs.
Right under us, we have two descent support lines.
Once again, in the advantage of ETH, it didn't make a double bottom, so would it retrace, there isn't any critical levels.
That gives more room to reset, if needed.
To increase our odds, two of my targets are pretty close to each other, (the one in orange).
As of the purple, yes it's drawn out of thin air... -for now.
Usually when such a long term channel breaks, the price tend to retrace by a move equal to it's width.
Happy trading ! And please be careful of a potential bull-trap when price tests that trend-line !