ETHEREUM - 8/1/2017 Price Update

Ethereum has bounced over its support @ $206 as is near the day's highs. Ethereum has been in a definite sideways pattern since July 17th when it broke out of the downwards channel. At the moment, I don't see anything in the price action to suggest any huge move higher or lower any time soon but I wouldn't be surprised if$206 were to fail once again and we resume the downwards trend.

What to watch out for:

• A retest of $231. If it fails here then "nothing new." Could mean a resumption of downwards trend. If it breaks and holds it then we will reevaluate from there.

• How it handles $206. Could mean an eventual resumption of the town trend if it fails to hold.

• $175 major support. Look out below if this were to not hold.

Long story short, sit tight and we need to see how this sideways movement shakes out.