Price rejected the bullish breakout from the bearish channel three days ago. Since then price has fallen from $515 to as low as $440. Now price is trading just above the key support, where price remains in the bearish channel. Thus indicating that the market view on ETH is still bearish for the time being.
Scenario One (Bearish Breakout): Price will test key support, followed by a bearish breakout; Thus, exiting the bearish channel.
Scenario Two (Bullish Rebound): Price rebounds from key support, heading to the next key resistance; Thus, remains in the bearish channel.
Scenario One (Bearish Breakout): Price will test key support, followed by a bearish breakout; Thus, exiting the bearish channel.
Scenario Two (Bullish Rebound): Price rebounds from key support, heading to the next key resistance; Thus, remains in the bearish channel.