Ethereum showing signs of a good bottom here for now, based on the technicals indicated on the chart. Certainly a decent area for averaging in, but also for swing traders looking toward 300s. We've been seeing strong Bitcoin dominance over the past few months, but as the cycles continue, Ethereum may be indicating a short-term trend change where alt coins see more strength than Bitcoin alone. Of course, with high correlations among all cryptocurrencies lately if we see any strong price action in Bitcoin expect the rest of the market to follow.
One thing that doesn't stack up is the high ratio of ETH margin longs to shorts on Bitfinex... could the crowd be right in this instance? Hard to say, but in general that's not supportive of an obvious oversold bottom yet.
Lots of noise in Twitter these days indicating everyone is more or less ready to jump onto the next strong thesis, or . In times like this it's important to remember which player you are in the market - swing trader, investor, scalper, etc. Focus on your defined thesis and, above all, a time-tested strategy that allows you to cope with quickly changing environments. As mostly a long-term investor, it's difficult to not see the potentials for swings here and there but remember to keep those positions separate (in mind and practice) from your long-term theses.