Ethereum move sideways on the medium term and develops a significant symmetrical triangle, we’ll have a clear direction only after a valid breakout from this pattern. Price changed little today and seems undecided on the short term even if we have a bullish bias on the short term. Technically is somehow expected to increase on the short term after a false breakdown, but everything could happen because the rate was somehow expected to drop much more to retest a major dynamic support.

The rate moves in range on the daily chart and is trapped within a chart pattern. Ethereum is narrowing on the short term and it could start a larger move very soon because it cannot move like this too long. Price has come down to retest the broken upper median line (UML) of the major descending pitchfork, has made a false breakdown below this downside obstacle and failed to close near it, signaling that another leg higher is expected.
Is trading near $295 and it could climb much above the $300 in the upcoming days because is expected to approach and reach the outside sliding parallel line again. Only a valid breakout above it will confirm a further increase.

I’ve added a minor ascending pitchfork hoping that I’ll catch a potential upside movement. The rate rallied after the retest of the lower median line (lml), but failed to reach the median line (ml), signaling that it could come back down to retest the lower median line (lml) before will climb much higher.