ETH on the verge of collapse or is it preparing for takeoff?

ETH under the 50 weekly EMA is not a good sign for the bulls. Every time it got rejected by the 50 EMA it had a pretty nasty fall and right now we are very close to the most important trend line since its history and near the last swing low. The good side is that on the daily time frame RSI is oversold and it's approaching a zone 20-15 that has been proven to be good for buying especially if we have a divergence. In addition to this on the weekly time frame we are on a TD8 out of 9.

0.0535 could be a very good buying or selling opportunity. ETH Should be watched closely.