The month of September had been constructive for ETH. If you look at the chart you will see three positive things occurred with price.
Break of Down Trend (descending triangle)
As you can see from the blue down trend line when price pushed down to support in that 168 area it was open to hold and then push the descending line.
This led to a modest bounce before a retest.
Retesting of Support/Down Trend Line
After the modest little bounce, two things happened: price testes the support line and tested the down trendline, which both happen to be at about the same price.
Anytime you get a break of a trend, a successful retest of it is always welcomed and considered positive price action.
Higher Low Formed
After the retest price pushed higher into the mid 180s or so and then had a small pullback briefly dipping into the 170s. At which point price has pushed higher the past few days.
This is important because in order to have an uptrend you need to see price create higher lows. Which just got one now we need more.
Price needs to stay above 180 for this recent price action to keep it’s positive tone, in my opinion.
The next upside target would be around 200. We shall see what happens the rest of the week.
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