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.
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.
