We're seeing an extremely interesting scenario right now -- I am not sure we've seen this before. ETH has found a TOTALLY oversold region.
4-hr RSI touched below 15 and I do still anticipate a bounce to at least the $690 level (hopefully $700).
We do know that longer term pullback is in store. Nothing is in the news to rally prices and bulls are still sitting this one out.
Overall I assume the bottom is in. We have seen the bear volume spike and all technical indicators are showing EXTREMELY oversold so a bounce is needed. Reverse parabolic movement is in and we will see a big rally likely to get out of longer positions.