What I saw was a severe overreaction to an already severe sell-off. Even though ETH/USD dipped under 500.00 the SHAPE of the trading told me to just ride it out. What was in the shape of the chart? Look and you will see two red lines that had constrained the selling for a number of waves. Then, the descending line of support gave way in what I can only call 'ridiculous fashion' as people started to sell as if selling was the only way to get out of a burning house. After that huge and voracious dip (that was also accompanied by fear and emotionally driven) I felt confident that ETH/USD had made a bottom.
Now, just a little more than 24 hours later, what has changed? Well, ETH is within easy striking distance of 800, the chart shows a possible setup that, with a move over 800, would indicate a run on 1000.
What else has changed? A bunch of people sold their Ethereum when they should have been buying. But that seems to be a story that repeats often any time trading is involved.