Looking at my chart you can watch there that ethereum established this rising trendline after it formed its preliminary lows since the breakdown, this trendline is marked in blue and the price is steadily climbing there, furthermore it has some healthy support at the 50-EMA which is marked in red, these two factors building up some supports here, and when they are broken pressure will enter, therefore, as the price is climbing currently the outcomes can be divided in two parts once it is the case when ethereum manages to move above the strong S/R-Level you can watch marked in orange and the second one is the case when ethereum breaks below the rising blue trendline with a decisive move to the downside.
As ethereum showing some healthy upmoves and there is strong support which can hold and firstly needs to be broken to the downside which can take a hard approach the scenario is more possible this will confirm when ethereum manages to close above the S/R-Level and confirm it has support with a possibility of 65 % otherwise when this does not happen and the level confirms as resistance the potential for further continuation to the downside is given, both scenarios are posssible after the proper confirmation has occurred, in the case it is clearly above the orange level and in the case with a decisive move below the blue trendline, although the immediate aggressive approach is also possible here the conservative would be definitely better as there has no further confirmation occurred yet.
In this manner, thank you for watching, support for more market insight and have a good day!
There are many roads to prosperity, but one must be taken.
Information provided is only educational and should not be used to take action in the markets.