As of July 29th, Ethereum has begun to make higher lows. Unfortunately, $231 has been Ethereum's undoing. I would like for it to break out of this consolidation pattern that began when it broke out of its downwards channel but I'm worried about t failure at $231 once again.
At the moment I'm not really convinced on direction since it appears that it wants to test $231 again. If it can break above and hold that level then I'd be willing to make/hear the argument that its bear market has ended. If not, Ethereum will have failed numerous times at resistance and perhaps the market will want to test a couple of levels of support before ending the bear market.
For the moment, I'd sit still and let the price action create some certainty. No need to pick bottoms a this point.
