If you have not done so it is a great time to exit your USDETH shorts until further notice. It looks like the worst of the storm is over, and there is obvious buying pressure in play but I will not be too quick to jump on that train just yet.
Overall, my sentiment is that ETH will bounce to 220 level and perhaps beyond too, so my position currently is "Cautiously Bullish" until the double death cross situation is resolved. Needless to say, please keep your downside protected and keep a tight stop loss when longing this asset.
keep in mind the following factors:
1. We are still diverging between 4H 50 and 200 which opens up this asset to further potential downside, selloff and shitfuckery. The current level of price is by no means the bottom and there are events that can drag this price further below to 200 and 190 price levels.
2. We are still in the 50 x377 death cross-zone, which usually has less gravity and influence over the price action, yet in this kind of scenarios, a divergence between 50 and 377 can massively delay the resolution of trend and price action.
3. BTC as a concurrent asset provides very interesting price action for investors while maintaining the momentum on all timeframes above 12hour, which will incentivise ETH investors to exit their positions now and bump up the liquidity for BTC , which will generate additional sell pressure on ETH in both cases, when BTC price goes up and even when BTC price goes down.
4. and Srock are looking awful. perhaps this will change during the next week. Don't front-run the resolution of ETH price action.
So in summary,
1. Be very very very cautious when buying this asset before the resolution of 50x200 and 50x377 death crosses.
2. The bottom, might not be reached yet and there is a solid possibility to go down to 190 and 200 levels fairly soon.
3. To be safe, wait until 4 h price action moved above 50 and consider buying after that.
Hope this helps