Ethereum increased today and tries to stay in the green territory after the yesterday’s rebound. It remains to see what will happen in the upcoming days because the crypto is still under selling pressure on the Daily chart.  We’ll see what will happen in the upcoming days because the rate could decrease much more to test and retest a dynamic support before will really try to jump towards the historical high.

The crypto is still on a declining path, so we’ll need a confirmation that it will really start a larger upside movement in the upcoming period. It is premature to talk about a larger rebound as long as the rate is trapped below an important downtrend line.

The last day’s decrease was expected because the rate has failed to reach an important resistance level and most importantly, it has failed to touch a confluence area.

You can see on the Daily chart that the confluence formed between the downtrend line with the median line (ml) of the ascending pitchfork has failed to attract the price, so the retreat was natural. I’ve said in the last article that the rate could be attracted by the lower median line (lml) of the black ascending pitchfork. A failure to reach and retest the lower median line (lml) will signal a bullish pressure, the bulls could take the lead again and could send the rate higher.

Personally, I believe that the rate will take out the resistance from the downside line if will reach it in the upcoming period. A valid breakout above the downtrend line will send the price at least till the 979 previous high.

Ethereum will become strongly bullish only after a valid breakout above the median line (ml) of the black ascending pitchfork, the crypto will go after historical high from there.