ETH breakout??
2024-10-01

Ethereum has generally been falling behind this Bullrun with some disappointing PA. Currently RTH finds itself able to prove some LTF strength with a breakout play on the 15m timeframe.

After trending to the downside over the weekend ETH has hit a bullish OB and reacted well off that level that coincided with the bottom of the channel. Price has now broken out to the upside, retraced to test that level as new support and it's here where R;R is strong should ETH show some strength and push upward.

Some points of confluence would be the 200ema now trending up and is at the same support level as the trendline, I'd like to see good support here. 

Easy invalidation would be a break in structure at the local low, along with a loss of the 200ema & trendline support. BTC's behaviour also a factor in this move too as it always is when HTF chop occurs. 