Ethereum changed little today and seems shows some exhaustion signs on the Daily chart. It remains to see what will happen in the upcoming days because it could slip lower again on the short term. The crypto could come down trying to recapture more directional energy before will climb towards the 1374 historical high.

Right now is premature to talk about a larger drop, maybe the rate will drop only to test and retest some support levels. I’ve said in the previous article that the rate could decrease a little again on the short term.

However, is premature to say that we’ll have a minor retreat again, the rate is pressuring a dynamic resistance, a false breakout will send the rate down on the short term.

The rate is trying to breakout through the first warning line (wl1) of the descending pitchfork and to resume the upside movement, but the sellers could step in again on the short term. A false breakout and a minor drop will signal a minor corrective phase on the Daily chart.

Technically, it could decrease a little after the failure to reach the median line (ML) of the ascending pitchfork. Remains to see what will really happen in the upcoming days because a breakout above the warning line (wl1) could still signal a further increase, so we may have only a minor decrease on the short term. It is premature to talk about a larger upside movement at this moment because this could be only a temporary rebound. Price is still trapped within a descending channel on the daily chart. Ethereum failed to reach the downtrend line, signaling another drop, it could be attracted by the lower median line (LML) of the ascending pitchfork after the failure to reach the confluence area formed between the median line (ML) with the downtrend line.