The 20-day EMA has flattened out and the RSI is also trying to move up into the positive territory, which shows that the selling pressure has abated.
If the bulls can break out of the downtrend line of the descending channel and the 50-day SMA, a change in trend is likely. We suggest traders wait for the breakout before initiating any long positions.
If the ETH/USD pair fails to sustain above the 50-day SMA, it might remain range bound and enter a bottoming formation.