Ethereum needs to hold its ground above the key $206.4 level on the daily time frame to maintain bullish momentum. The bulls quickly came to the rescue to save the price from declining further but it is still hanging by a thread. This could all easily go sideways. The more the price tests a certain level, the higher the probability that it is eventually going to break it. This is true for both bullish and bearish setups most of the time.
In this case, even if ETH/USD falls below $206.4, the bulls could still come to the rescue above the $191 level which corresponds to the 0.618 fib retracement. If they fail to save the price from falling further, the bears will take control and then we would be looking at the major downtrend that we have long been anticipating. This is really a do or die situation for Ethereum and the odds of the bulls holding ground for long are decreasing by the day.