Very basic analysis shows that a temporary bottom of $640 has been achieved in the form of a . The reason why I consider this to be temporary is because no successive candle has been able to follow up with a higher high to confirm this reversal. Instead momentum has since stalled, proven by a decline in on both sides. This has led prices to be contained within a which is due to apex and break later on today. Given the current market sentiment surrounding crypto as well as the reliability behind the chart pattern itself, it is highly likely we will see a break to the downside however to remain unbiased I will mention a alternative for all those considering going long.
To be fair without going into too much detail with theory etc. finding a potential setup has been somewhat difficult. I have however been able to locate some hidden on the daily time-frame which should it hold true may prove to invalidate the that currently exists. Ethereum has also retraced slightly more than .618 % of its run from 12/11/2017 to 10/01/2018 placing it nicely in the golden pocket just beneath this fibonacci ratio making it a possible bounce zone. This theory also coincides with strong support in this region further emphasizing how important it is to hold.
Regardless of the scenario, OBV is close to bottoming out suggesting a big move in either direction will happen very soon. Until then I will remain neutral as Ethereum is one of those coins that has recently been playing to the tune of bitcoin . A break of the in either direction would have to be confirmed with a second candle with more than the first as to avoid any potential bull/bear traps.
If I had to guess I would say a break to the downside is more likely, however as with anything crypto related there are no guarantees.
In the meantime play safe and wait for confirmation before making a move.