Ethereum is rebounding against both BTC and USD. Over the past few days we saw decisive support above the 38.2% fibonacci retracement level against USD and a test of the 23.6% fibonacci retracement level against BTC. The EWO has also turned positive on the ETHUSD weekly chart.
A decisive break above 23.6% on the BTC chart will provide the confluence of factors to formulate a bullish bias for Ethereum in the short to medium term. A retest of 360 USD would be a near certainty and a decisive break above that level will be needed to maintain bullish bias.
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Wrong chart in the above comment... it was for ETCBTC, not ETH. Here's the correct picture:
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Note that on ETHBTC, daily chart shows a decisive break above 23.6% but weekly chart is still TBD.
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Also, EWO is an abbreviation of Elliot Wave Oscillator. The link was wrong on the first comment but unfortunately TradingView adds these links automatically.
Trade active:
Trade is in the profit zone.