The crypto changed little today, but as you already know the perspective remains bearish as the rate is located in the seller’s territory. Ethereum hovers above a crucial support area, a valid breakdown will confirm a further drop in the upcoming period.

The crypto market crashed again after a minor rebound, there are many specialists that are expecting to see the Ether and Bitcoin at fresh new lows in the upcoming period. The major cryptocurrencies are trapped lower as the investors are reticent at this moment.

I’ll repeat myself, but personally, I still believe that the major crypto will start to increase again and will approach the historical highs, the next upside movement will be a slower one.

Ether is trapped within a descending channel and, so it is premature to talk about a reversal on the Daily chart.

You can see on the Daily chart that the rate failed to close the former gap down signaling a selling pressure. The last day’s drop is natural and is expected to reach at least the 432 level in the upcoming hours.  Support can be found at the 415 as well, you should know that a valid breakdown will open the door for more declines on the short term.

I want to remind you that only a valid breakout from the down channel will signal a larger rebound, so right now will be better to stay away from this crypto because we don’t have any trading opportunity. Selling the Ether right now is too risky because it could turn back to the upside anytime. You should stay away and wait for another buying opportunity that will bring us a good return on the medium to the long term because it could still go up after the massive drop.