A quick update to my recent technical analysis of ethereum:

https://steemit.com/trading/@examachine/ethereum-long-term-technical-analysis-was-it-a-normal-correction

Ethereum is at $393 currently.

It seems a likely interpretation that the first prediction in the previous analysis is turning out to be true. There is a clear bottom formation for ethereum around $390 at the moment. The market is apparently looking for a confirmation of enough buyers at this attractive price point.  However, there also seem to be more sellers than buyers currently. This could signal either a quick bounce or a longer period of price stagnation. Currently, I predict first as 75% and the latter as 25%.