The turnaround of ETHUSD pair not reaching an Angle Resistance and 1000.0 level suggest that the pair is in the downtrend pattern now and will need some strong signs to change this picture.
Below the 800.0 level, there is a Support Zone which contains Fibonacci levels of the global uptrend and 200-days EMA. If the market is about to get into bullish state, then the turnaround should happen in this zone. Otherwise, I expect a deeper correction.
Nonetheless, I would wait until the price crosses the Angle Resistance to prove that lowering tendency is going to change.
One of the fundamental reasons for the lowering ETH is Bitcoin. As the BItcoin is an accelerator of all crypto markets, the weak Bitcoin (lower then 10000.0 psychological level with uncertain future) drags the coins down. Hence, until BTCUSD pair shows a confident growth - a turnaround of the ETHUSD is unlikely.
Below the 800.0 level, there is a Support Zone which contains Fibonacci levels of the global uptrend and 200-days EMA. If the market is about to get into bullish state, then the turnaround should happen in this zone. Otherwise, I expect a deeper correction.
Nonetheless, I would wait until the price crosses the Angle Resistance to prove that lowering tendency is going to change.
One of the fundamental reasons for the lowering ETH is Bitcoin. As the BItcoin is an accelerator of all crypto markets, the weak Bitcoin (lower then 10000.0 psychological level with uncertain future) drags the coins down. Hence, until BTCUSD pair shows a confident growth - a turnaround of the ETHUSD is unlikely.