Typically, when we see a convergence with the RSI levels and the price, we know a trend change is coming. There's less strength in the down move, and a lower price with a higher RSI means bulls are on the horizon about to take over. I've been saying we are going to see a bounce for a while, and I do believe it's still coming. The daily RSI has never been as low for this long for ETH ever.
One thing that will continue to impact ETH price level is BTC. BTC is still a lot stronger overall than ETH right now due to it's ability to have held a higher low for so long. I do still believe BTC will ultimately come down and break its current support and find a new low at the $5,500 or $5,000 level. This would likely see ETH test a lot lower.
I'm still holding and know that bulls will push prices back up. I'm still maintaining a $555 target.