In one word no. Price is bouncing strongly but we can not be yet certain that the entire decline is over. Price retraced a little bit more than the 78.6% of the entire rise from $1,705 to $4,863. Price is bouncing but it remains below the key trend line resistance.
Red line - resistance trend line
Ethereum is bouncing but price has not surpassed yet the previous high. Price is now challenging the red downward sloping resistance trend line. Ethereum has formed an important low at the $2,150 area. Bulls need to keep defending this level otherwise a break below it will provide an important bearish signal. Resistance is at $3,090 and next at $3,300-$3,400.
