Since december of 2018, Ethereum has pulled off a very impressive bullish run from $80 to a peak at $360, a level where sellers and profit taking from buyers dropped price impulsively to $182, making some corrections along the way (marked in the yellow rectangles).
From a market structure perspective, the long term trend is bullish and medium/short term trend is bearish. If price breaks the major support zone at $160 - $182, the bias is bearish and we should look for selling setups. If price breaks the top of the previous corrective structure at $234, which seems very likely due to the strong impulsive reaction to the $182 level, we can expect a large bullish push at least up to $275 and possibly $318.
The following days are very decisive to determine if buyers regained control of price and if price can resume the long term bullish trend.
Let me know what you think in the comments below and thank you for reading!
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