On November 4th, the trading volume during the ETH price drop exceeded 1011, second only to April 7th in the past year, and before that, only August 5th, 24 years ago. Such a massive trading volume during a price drop is generally a sign of a market bottom.
Bitcoin is similar; although the trading volume the day before yesterday wasn't as high as on October 11th, it was still enormous.
The subsequent market movement may not be a direct, violent surge; a more likely scenario is a gradual upward trend.