Ethereum dropped today and continues to pressure a dynamic support (resistance turned into support), so we have to be patient to see if we’ll really have a further increase, or this it was a false breakout. Price dropped and erased the yesterday’s minor gains. The cryptocurrency is narrowing on the short term, but I hope that we’ll have a clear direction very soon because it cannot move like this forever. Most likely the rate is set up for a larger move, remains to see the direction. Ethereum and the Bitcoin are trading right above crucial support levels, so the perspective remains bullish.

You can see that the price continues to pressure the outside sliding line (sl) of the descending pitchfork, but seems like we’ll have a valid breakout after all. I’ve said in the last days that the rate will increase very slowly if will have enough energy to take out the resistance from the sliding line (SL).

It could come even to retest the second inside sliding parallel line (SL2) before will climb much higher. The next upside target will be at the 50% Fibonacci line (ascending dotted line), will approach and reach it only if 310.37 static resistance.