The crypto market could crash again after the last week’s rebound, the most important cryptocurrencies have shown exhaustion signs and could drop again in the upcoming period. We may have a selling opportunity on the Ethereum, it could drop aggressively again and could slip below the 552 former low.

Bitcoin dropped as well since yesterday and seems determined to reach new lows in the upcoming hours. A Bitcoin’s drop will drag the other cryptocurrencies down again, the investors will panic and will want to sell again.

The rate has failed to jump above a major downtrend line, so the perspective remains bearish on the Daily chart. It remains to see when will close the day, a valid breakdown below a major dynamic support will open the door for more drops.

Personally, I still believe that the Ether and the Bitcoin will reach at least the historical highs again, but remains to see how long will be this drop. I’ve said in the last weeks that the rate could decrease a little again because he needs to recapture more directional energy to be able to jump much higher.

You can see that the rate has failed to reach the median line (ML) of the ascending pitchfork, so the current drop is natural and it was expected. I’ve said in the former article that the Ether could come down to test and retest the lower median line (LML), a valid breakdown will confirm a further drop. The breakdown needs confirmation.

You can see that the price has failed to touch the major downtrend line and the second warning line (wl2) of the descending pitchfork, signaling an exhaustion and a potential drop.

Only a valid breakout above the major downtrend line will confirm a larger rebound, right now remains under massive selling pressure.