At Support of Mid-Term Channel
Ethereum’s ETHUSD is trying to bounce off of the bottom of a large channel after many failed attempts to break $254. Bulls need to show volume when pushing through $234-240 to keep accumulation alive or else volume will tilt towards distribution at the current levels.
A breakdown leads price towards the raid zone near $204, outlined by the pink box, is the channel breakdown target. The box is also converged with the moving average which is a confirming indicator of the first major support.
Disclosure. The author owns a small bag of ETH.