Taking a more detailed look at the same chart in the 4hr timeframe, note how well all the other fib levels are respected, especially the 0.78 and 0.23. This adds confidence that I have placed the 0.50 level, the midpoint, in the right spot and we should indeed expect to see a reversal in the red rectangle.
In addition, I would like to see BTCUSD finally bottom out in the 8,300 zone, at the same time as ETHBTC hits the top I have presented here. This all may take days more to play out, maybe with a few more negative news cycles, but I can't see it taking more than another 7-10 days.