Recently Ethereum has hit the bottom, reaching btc 0.056 low. At the same time it has rejected the 327.2% Fibonacci retracement level applied to the corrective wave up, after the break below the support established back on 8th of July.
Price spiked below the support, although failed to break below with confidence. Then price went up and broke above the downtrend trendline, followed by the break above the 50 Moving Average, that occurred today.
Currently ETH/BTC is trading right at the uptrend trendline, which could be the starting point of a corrective wave upwards. If btc 0.056 will remain untouched, Ethereum is likely to move upwards, and should reach strong resistance at btc 0.065, that is 50% Fibonacci retracement level. Break above that resistance might be the confirmation of the uptrend, while the rejection should result in a continuation of the downtrend.
On the downside, if ETH/BTC will close below the recent low, the bullish outlook shall be invalidated and could result in further downtrend, perhaps to btc 0.05 psychological support.