ETH market works by reversal pattern of converging resistances. To continue the uptrend the price needs to break the upward resistance. Indicators and oscillators don't correlate with that resistance, so it's difficult to use them. Now it's quite logical for ETH to make a correction wave to $190. If it stays above - you can go LONG.
I like your Idea. But I am not sure if it is still a good Entry for a Long Position. I opened my Long much earlier and i think i would not open a Long for ETH now because the risk for a small bounce down after 204$ is to high.
That is my Idea on Ethereum: