ETH Update - Got a little more gas left in the tank?

After ETH sparked itself back to life, we still have room for more upside:

Despite the hate on ETH, it actually has been looking pretty good in the short term. We can clearly see it found a temporary bottom just by noticing the spikes in volume. Not major volume but it has been fairly substantial compared to prior weeks and months.

Now we have ourselves into situation where ETH is starting to consolidate the price action bullishly. Yeah, its been a while since I've been able to say that. Seems like the move out of the flag won't be too major but it should take you to $251 (green dotted line). This target also lines up with the bottom of the symmetrical triangle we broke down from which is makes it a more valid area to see the resistance pop up. After the run-up, we did bounce off the 50% retracement twice and came very close to the 61% retracement on the fib which is good to see. We have hit our proper retracements priming us up for a move.

Theres a few other things I must mention:

Firstly, I don't like how the bull flag is dragging out a bit. I usually get uncomfortable keeping a "bull flag" title on a flag thats becoming more than 50% the length of the actual pole. Thats actually the maximum I would give it. We approaching that area now so ETH is running out of time which would could invalidate this flag. I would give it another day before we negate that. I also don't like the big sell candle. Usually on continued run-ups, we don't see sell candles this large and then another leg up. This candle actually was solely based on how crazy BTC went yesterday so maybe I can overlook that a bit.

Overall, I are still bearish mid term on ETH, but that doesn't mean you can't find some bullish trades in between. Be careful because we can easily touch the bottom of the bull flag channel before running up so place your stops accordingly or just wait to take the lower risk play. Approaching the top of the flag though, so maybe you can trade the break also. If we fail to break out of the flag and keeping dragging out some more then expect this flag to break to the downside or at a minimum continue sideways until we start approaching the bottom where we can see if it holds the line again. Lets hope ETH starts getting more demand so we can continue to be short term bullish! Time will tell.

Good luck!