Ethereum decreased a little today and seems a little exhausted on the short term. Price could retreat a little after the yesterday’s impressive rally. The rate has reached and retested a very strong dynamic resistance, but failed to close above or on it.

We’ll see what will really happen in the upcoming hours because the rate could turn back and could reach fresh new highs. The perspective remains bullish despite a minor drop, however a valid breakout above the mentioned dynamic resistance will confirm a further increase in the upcoming period. The Ethereum is expected to climb much higher in the upcoming period because remains very attractive despite the higher price. Personally, I would like to see a minor drop only because this will bring a great buying opportunity.

You can see on the Daily chart that we had an aggressive breakout from the major symmetrical triangle. The rate extended the upside momentum till the inside sliding line (SL) of the ascending pitchfork where has found temporary resistance. You can notice that the rate has made a false breakout above the sliding line (SL) of the ascending pitchfork in the yesterday’s trading session. A failure to reach this line again will signal a drop towards the median line (ML) of the ascending pitchfork and towards the 415 static support (resistance has turned into support).

A valid breakout above the sliding line (SL) of the ascending pitchfork will confirm a larger upside movement, it could be attracted by the upper median line (UML) of the major ascending pitchfork. We’ll have a great buying opportunity if the rate will come back to retest the median line (ML) of the ascending pitchfork.

A selling opportunity is less likely to appear, is very risky to go short on Ethereum because it could rallied anytime again.