If we see a quick move above 240ish coming days, than this theory might be wrong. Until then, i would not expect too much from ETH.
On the right we can see it moving against a . The longer it bumps against it the bigger the chances become that it will break up. With Bitcoin moving in a triangle has been good for alts past 2 days. But can't judge if it's false hope or not.
However, even if it breaks up, still a very big chance it will be a fake breakout. I think this, because as mentioned above, the market, alts actually, took such a big hit, i don't see buyers simply go long on sit on it.
So short term it looks like it want's to break up, but i am not expecting that much from it at this point. A break of 212 would make things shaky again and a break of 210 would probably invalidate the attempt to break that . On the upside seems to be around 220.
There is (spot on) or no @botje11
Thank you for the efforts to point traders in right direction.
Regards from Serbia.