Ethereum fell to support on a high-volume candlestick on tuesday. This is indicative of a selling climax which may give rise to a new bullish trend. The key question is whether support can hold. It has held above for two closing candlesticks thus far which is a strong sign. However, it is yet to make any significant progress to the up side.
A reversal here has the potential to take the price up to $280+ again, but would need to break through multiple short-term resistance levels first.
The first 2 level I'm looking for it to overcome are 188/189, and 202/203. That should give it enough momentum to progress to prior highs at 224. Breaking through that would be very significant and we could potentially be looking at quite a substantial move then.