We are soon coming out of a period of balance and there will be volatility in some direction, most likely upwards in my opinion. I say upwards not only because of lack of acceptance into value area (which I defined as from the beginning of this major rally until now) and continuation of current trend, but also because bitcoin is having trouble closing above $1,200...
ETH could not make new highs and buyers seem to be running out. Now we're closing bars under that green trend line. Plenty of volume in the $42-45 range should keep the price from going lower than $39-42. I do not hold a short position but I'm ready to BUY if the price touches the blue trend line.
A rally to the all-time high of $57 is possible if this pattern confirms. Take ~10% profit around $55 or hold for chance at new highs? If the pattern breaks to the downside keep an eye on the $46 support level.
ETH spent several hours in the $52-55 range and almost no time spent in the $48-52 range. Price is currently at the bottom of an upward trending channel.
If ETH breaks $47 it could possibly enjoy a run up to $55, trading back into where a fair amount of volume is waiting to settle up.