Ethereum changed little today and tries to stay in the buyer’s territory. Technically, it should climb towards new highs in the upcoming period. Price has managed to jump above a very strong dynamic resistance, but we still need a confirmation that will increase in the upcoming period.

We’ll see what will happen because the Bitcoin has shown some exhaustion signs today. A Bitcoin’s drop could attract the Ethereum sellers as well on the short term. Ethereum is moving somehow sideways on the short term, remains to see if this will be an accumulation or a distribution movement. Most likely will climb higher if will stabilize above the 300 psychological level.

You can see on the Daily chart that the price has broken above the upper median line (uml) of the descending pitchfork and now should climb towards fresh new highs. It has come down to retest the broken upper median line (uml) and the 50% Fibonacci line (ascending dotted line).

Technically, it should approach and reach the median line (ML) of the ascending pitchfork, but this scenario could take shape only if the rate will close above the 313.24 previous high.

Ethereum could retest the 50% Fibonacci line before will climb much higher. However, a drop will come only if the rate will make a valid breakdown below the 50% line. A sharp drop will appear only if will drop inside the descending pitchfork’s body again.