The price of Ethereum already broke out of the (is considered a reversal pattern) but it wasn't accompanied with an expanding and that's why it didn't broke out with a huge candle.
A breakout with expanding usually is a sign for a strong breakout which leads for a higher levels.
So since it's lacking and is testing the previous support levels, does this mean the price will move lower? Not certainly.
It's important to keep monitoring these previous support areas to see whether they hold or not and if it starts to reverse from them.
This is not considered until the daily candle closes below one of the key support levels or a local low. This also invalidates & patterns.
Just wanting to point out that MACD's histogram is actually revealing the weakening strength of bears (sellers) and supports a reversal.
Recently the market got rejected from the 0.618 fibonacci level and tells us that there are sellers. This level has shared a lot of history in the past as seen on the chart and has acted as support and also as .
So by closing above of this level the market is revealing the strong of bulls and likely to continue. It's working as break out level.
Next resistance levels:
In the other hand if the daily closes below of the key , then it's worth to be patient and monitor the next support levels for new trading opportunities.
Next support levels are:
reveals the weakening strength of bears and it's back to the previous .
is about to cross upwards which would support upward movement. This is time to be patient and follow the price action.
The current setup is favoring more bulls than bears currently and if it does break below of the major , then it's good to monitor the previous support levels which may offer really good new trading opportunities.
If you come up with any questions feel free to ask!
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything.
In fact you are in agreement as @Yarr is also calling a likely retest of low 100's in the near term.