Here we have BITFINEX:ETHUSD which you will notice has been trading in a flag over the past months and now we are approaching the first major resistance at $180/$220 USD.
Due to the formation the first thing that comes to mind would be continuation for further downside however, given that the volume has been relatively flat we will have to see if the bulls jump out from nowhere and push CRYPTOCAP:ETH past the $200 resistance.
We have too possible scenarios at the moment, at the end, everything depends on the volume:
We will be looking for a strong break of the overhead resistance at $220 and a possible retest to confirm the breakout to further highs around $300.
We will be looking for a reversal sign and selling pressure on a test of the $220 resistance followed by downside to the most recent price demand at $150 as a first target.