The pink and light blue circles are justifications as to why the were placed where they are. The $500 support was an important price for ETH and it has rebounded from it after briefly dipping to about $450 on 3/18.
ETH has consolidated for about a week around the $711 price from 3/08 to 3/13. ETH will have to break through that resistance before any judgment can be made as to the validity of this brief rebound we are currently seeing.
We are approaching a potential crossover in the after flirting around the -80 range.
ETH has been sliding on the bottom portion of the since 3/07 and really widening out the bands. Wait to see if ETH consolidates and narrows those before entering.
ETH clearly has a lot of work to do to make up for the massive slide since the start of this year. Pay attention May 14th. Coindesk will be holding a Consensus Event with big financial/tech players like Deloitte, IBM , and Microsoft . This event is obviously not a sure indication that prices will rise but is an important date to consider.