Let's take a look at the weekly chart for Ethereum:

It's been a long summer for Ethereum bulls, to put it lightly. -DMI crossed above +DMI in early June and has held above it since then, reflecting the prevailing bearish sentiment in the market at the moment. A downward drift in Ethereum's price ensued, as bulls were unable to hold above the $400 level on the weekly chart beginning in early August, when Ethereum closed decisively below it for the first time since the end of March.

A recently agreed upon reduction in Ethereum's miner rewards may abate the selling pressure, though time will tell. Looking ahead, a critical level for bulls to overcome is $400. This price reflects the resistance point from last year's rally that was eventually surpassed in November, prior to the eventual push to all time highs just above $1400. When $400 was breached by bears in late March, bulls reclaimed it and a rally ensued to over $800 by the end of April.

The ADX line is flat at the moment, reflecting the fact that the market is in a sideways price action environment. However, if +DMI can rise above -DMI and hold above it to correspond with a rising ADX line in the future, this would be indicative of a trending move higher and reaffirm bullish dominance on the weekly time frame. The RSI and MACD indicators are also reflecting a possible turning point for Ethereum bulls, as both seem to be on the verge of pivoting higher.

From a fundamentals perspective, Ethereum developers continue to tackle the issue of scalability and its eventual transition to a Proof of Stake consensus model. The CBOE is also expected to announce trading of Ethereum futures contracts later this year. Definitive clarity on the aforesaid matters may further serve to reinvigorate Ethereum bulls in the long run.