The decline across the crypto market appears to be in 3 waves labelled ABC. The C wave correction is possibly complete as you can count a 5 wave decline. To confirm the bullish trend is back in action ETHUSD needs to find support on the B wave top at 3600.
Markets are in a risk on mode as Evergrande made payment on their first debt obligations, the market is recovering some of the weeks previous losses on the more positive news. Market sentiment has been risk off due to Evergrande and contagion fears.
Any more positive news could provide the fuel the market needs to set up the next 5 wave rally higher.