In the last post, I mentioned that ETH could be leading the recovery from the correction last week. Alas, in fact the only major coin that recovered quickly was the crasher itself --- BTC.
The indicators have now turned bearish for ETH. There's a possibility that it will retest the long-term support (see chart). It would be a double-top reversal if this long-term support is penetrated. In that case, we'll be heading for the $300 area again as many people abandon ship.
On the flip side, there's a possibility that Ethereum will turn to POS next Jan. This could mean the next bull run is around the corner. It all depends on the timing: ETH could crash to $300 and then relaunch, or it could limbo here and jump after a period of side movements.