Note that Ethereum has been riding under the 50 & 200 lines and has been struggling to keep a 0.055 ratio with Bitcoin . Any quick downwards movement from Bitcoin and Ethereum will be fighting for it's dominance and price as well.
The orange-red lines indicate the area in which Ethereum will enter should Bitcoin breach into the $6000 - $6200 territory. Keep in mind that a loss of pairing value ( ETH/BTC ) may cause further decrease below $295. I do believe that Ethereum has been showing signs that it is reaching a point of stability against Bitcoin however, and going much further below $295 is not as likely for the present.
As for right now, expect Ethereum to test the $360-370 area again soon. When it does so, there is a high probability of it driving deep down to the $315-320 area with a possible rebound to $350. For now, keep an eye on the return to the $370 line.
$370->$400 (Current direction)
$400->$370 (Return direction)
$370->$350 (Watch for the candle close)
The end game still looks to be at least within the $295-$315 range (if not lower), with a high chance of that occurring by the end of next week. Keep an eye on the indicator price lines.