Ethereum changed little in the last days after the Thursday’s amazing sell-off. Price it seems undecided right now and most likely it will drop again after the minor rebound and after this indecision. The rate has broken below an important dynamic support, so the perspective is bearish right now.

Ethereum dropped as the Bitcoin has plunged as well on Thursday and now could drop further and reach the 6000 psychological level after the minor rebound. A Bitcoin’s further drop will force the Ethereum and the other major crypto to drop further.

I want to remind you that if the Bitcoin will make a valid breakdown below the 6000 psychological level, then the crypto market will crash.

Ethereum has finally managed to drop below the second warning line (WL2) of the ascending pitchfork, so it is expected to drop further towards the lower median line (lml) of the descending pitchfork. Maybe the rate will increase a little and it will try to retest the broken WL2 before will drop further.

Technically, it is somehow expected to drop after the failure to approach and retest the downside 50% Fibonacci line of the descending pitchfork. I’ve told you in the previous weeks that the rate it is still expected to reach the WL2  despite the temporary rebound.

Personally, I’ve wanted the rate to drop towards the lower median line (lml) of the descending pitchfork because a failure to reach it or a false breakdown will really signal a larger upside movement. A further drop will be confirmed by a valid breakdown below the lower median line (lml).

Maybe some of you have entered long after the valid breakout above the downtrend, but I’ve said that only a valid breakout above the 249.93 level and above the downside 50% Fibonacci line it will really confirm a further upside movement.