On to the chart we are looking at.
on the daily is heavily oversold
Daily is highest since December and we still have a few hours left.
If you look at the Green I created, we bounced right off it. The previous two bounces off this also correlated to oversold so we can take it as a reliable indicator.
My confidence is high with this trade (we all have coins/stocks that we trade better than others and ETH has been my best coin for sometime) but we must always remember that we live in Bitcoins world and if it is not finished going down it will pull us down with it. That being said, I believe we are much closer to ETH bottom if BTC goes down than BTC is and when we do bottom ETH should outpace BTC nicely.