Ethereum is currently trading within a bull flag and a breakout on top would see next major resistance at $545 (42% upside from current levels) which is the 61.80% fib level.
Supporting evidence: - Bull flag pattern - RSI bullish divergence - MACD bullish divergence - Volume analysis - take a look at volume on the top and bottom price action of the channel...you will notice volume is spiking when hitting the bottom of the channel (examples: August 7, 15:00 and August 11, 17:00). This suggests the market maker is accumulating the demand zone more than they are selling in the supply zone.
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Within 24H, Ethereum broke out of the bull flag and is headed higher. BTC Dominance broke down and will likely continue a downtrend as alt season progresses. Watch the RSI on higher time frames and compare to previous ETH runs and also monitor where we are in accordance to fib retracement levels (specifically at 61.80%). I will continue updating this idea.
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Bear flag appearing on 1H time frame, I am closing this trade to avoid risk and take gains to look for a pullback.
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Profits taken on the 14th @ $440 were used to purchase at these levels here @ $415. A bull flag is now forming on the 1H so I expect a nice continuation upward to our target of $480 then $540.