Since early October, ETH has been trading upward inside a clear-cut bullish channel.
Recent bearish price action makes us believe that we're in a (minor) downtrend. However, this is not the case. We've seen a strong reversal from the channel's support earlier this morning, as long as we're in the channel things are fine.
However, if for some reason we're getting below the channel we might see more bearish price movement coming our way. Short-term is still bullish as long as the channel holds. Target at $5000 for the coming weeks.