Despite today early spike from the 10-months low of 5.69 to the current price 7.65, the general mood is stil largely pessimistic. Ethereum has under continous sell-off pressure against the USD since september and any reversal is unlikely in the near term. This is coupled with US dollar that expected to be remain robust.
The pair also appears to be at the middle of a falling channel, indicating the chance of a rebound higher on lower top within the channel.
MACD appears to be drifting lower implies a bearish tendency.
Whilst the overall trend remains undoubtedly down, we could very well see support hold and a move higher over the next week or so, with a target at the S3 monthly pivot, at 8.00 i f the resistance hold, thr price could trending downward. The upside seems a bit limited for the time being.
Remember: The author is a trader who is subject to all manner of error in judgement. Do your own research, and be prepared to take full responsibility for your own trades.