Ethereum has been on a wide range downtrend and has also been susceptible to the indicated dynamic resistances. The provided chart shows the s/r levels and the plausible price direction in the event of a breakout or retracement. Considering the fact that BTC is showing bull signs & Ethereum is staying afloat the second long wick area compared to the break below the first long wick in the inception of the retracement implies a plausible uptrend(breakout). A daily close above $2.61k would infer an assurance of a continuous uptrend to the major resistance. Be patient enough to wait for confirmation before taking a long position.
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