Ethereum has increased a little in the last days and has managed to jump above a very strong dynamic resistance. It remains to see if this will be only a temporary rebound or a larger one. Price could decrease a little to test and retest the broken dynamic resistance before will try to climb much higher.

ETH/USD will jump higher only if the BTC/USD will resume the last day’s minor rebound. Bitcoin is pressuring a very strong and crucial resistance level, so right now we have to stay away and wait for a valid breakout and for a confirmation that it will move higher.

A Bitcoin’s further increase will force the crypto market to increase again, while a drop will crash the crypto market.

Technically, I believe that this will be only a temporary rebound and the Ethereum will drop again to pressure the near-term support levels.

Price has found support at the lower median line (lml) of the descending pitchfork and now tries to recover after the major corrective phase. It has failed to approach and reach the second warning line (WL2) of the ascending pitchfork, but personally, I’m still expecting to reach it in the upcoming period.

It has managed to break above the downtrend line (upside line of the potential Falling Wedge pattern) and now could try to retest it.

A valid breakout and a Falling Wedge validation will send the rate higher towards the next target from the downside 50% Fibonacci line of the descending pitchfork. Personally, I would like to see a false breakdown below the broken downtrend line or a failure to reach and retest it before the rate will move higher.

Technically, the rate could drop and could try to reach and retest also the lower median line (lml) of the descending pitchfork, a failure to reach it or a false breakdown will send the rate higher very quickly.  A further drop will be confirmed after a valid breakdown below the WL2 and most important below the lower median line (lml).