Ethereum posted humble gains in the yesterday’s trading session, right now you should stay away and wait for a fresh trading signal. You should be ready for an aggressive move in the upcoming period because most likely it will start an important movement after this indecision.

Ethereum moves sideways only because the Bitcoin has changed little as well and continues to stay below some major dynamic resistance levels. The next days could be crucial because if the Bitcoin will drop further, then the altcoins will drop as well and the crypto market will crash.

You can see on the Daily chart that the rate is fighting hard to stay higher and maybe to increase to approach and reach the downside 50% Fibonacci line of the descending pitchfork and the second warning line (WL2) of the former ascending pitchfork.

I’ve told you in the previous days that the perspective remains bearish on the Daily chart after the breakdown below the WL2 and after the failure to get back above this broken downside obstacle.

We’ll have a short opportunity if the rate will fail to approach and retest the near-term resistance levels or if it will make a false breakout above these upside obstacles.

Another important upside movement will be confirmed maybe after a valid breakout above the 249.93 and above the 50% Fibonacci line. We’ll see what will really happen because personally, I would like to see a  drop towards the lower median line (lml) of the descending pitchfork because only a false breakdown or a failure to reach and retest it will really confirm an important upside movement.

I want to remind you that we’ll have a further drop if the rate will make a valid breakdown below the lower median line (lml) of the descending pitchfork.