0.618 FIB
Bottom of multi month trading channel
Top of previous swing high.
Many reasons for selling pressure to drop at these levels and buying pressure to increase.
Big question is IF bitcoin will continue on its unstoppable rampage to take out 13.8 or not. Sideways action might allow Eth to get a breather here or get a full bounce. I do expect at least a relief rally.

Anyway could be a place for going long with proper risk management.