Ethereum had a really nice bull run. As with all big momentum moves, price needs to correct to collect more orders before resuming its trend. In our previous analysis, we posted both a short and long scalp idea which played out perfectly!
From the chart can see that the 0.5 fibonacci lines up with a previous level where price reacted heavily. It could be that there are a number of orders awaiting there which price needs to collect before moving up.
Watch for bears to start weakening and for buyers to come in at the 0.5 fibonacci level.