ETH/USD chart

The daily chart give me understanding that probably the market reached the bottom. The price bounces from the support zone formed by 500.00 support level and the uptrend line. RSI and a reversal candlestick pattern confirm the price reversal. The bullish divergence gives us a trend reversal signal.

MACD histogram tells us that the market is going to move upward. In spite of DMI still confirms the downward movement, the market becomes bullish and it gives us new buy opportunities. Long position can be opened based on the reversal signal from the support zone .

For getting additional confirmation that the downtrend is over, the price will have to break the downtrend line. It will be a new buy signal based on the breakout.

Disclaimer:
Any market data or commentary used here is for illustrative and informational purposes only. Don't trade with money you can't afford to lose especially with leveraged instruments. The past performance of any trading system or methodology is not necessarily indicative of future results.