Ethereum changed little this week and seems undecided on the short term because is located right below some very important resistance levels. Price has retested some dynamic upside obstacles but failed to breakout above them. We’ll see what will really happen in the upcoming period because we may have a selling opportunity very soon.

The bulls seem a little exhausted on the short term and could lose some ground, but we still need a confirmation that the rate will drop much deeper in the upcoming period.

The Ethereum decreased a little and erased the last two day’s minor gains. Price could drop in the upcoming days and could reach new lows as long as stays below the sliding line (SL) of the descending pitchfork.  You can see on the daily chart that the rate has failed to breakout through the confluence area formed between the 50% Fibonacci line with the sliding line (SL) of the major descending pitchfork meaning that another drop is favored. It could come down to test and retest the inside sliding line (sl) of the ascending pitchfork before will make another crucial decision. A valid breakout above the sliding line (SL) will confirm a slower increase in the upcoming weeks, we’ll see what will happen because now is narrowing and tries to capture more directional energy before will start a larger move.