ETH testing break out

This is my first effort to make sense of the charts. Don't follow me, I'm lost. Honestly have no FA or TA background and this is only a test. So, take it with a grain of salt and DYOR.
Now, my limited understanding says that eth is testing and trying to gather support for a break out. It it doesn't find it, it will retrace back again. If it breaks out of the trend channel we should see movement upwards to levels before the dip.