Ethereum Broader Upside Movement Needs Confirmation

Timeframe: 240M
Main Scenario: The rate it has increased, but it has found a temporary resistance and now is trading in the red again. A valid breakout above the median line (ml) of the minor ascending pitchfork and above the outside sliding line (sl) of the minor descending pitchfork could signal a potential upside movement. Technically, it is somehow expected to increase further after the failure to reach the median line of the descending pitchfork or to retest the lower median line (lml) of the ascending pitchfork. Maybe we'll have another minor drop before the rate will really manage to make a valid breakout above the mentioned levels.

Alternative Scenario: A false breakout above the median line (ml) and above the sliding line (sl) wil announce another significant drop.

Entry/Stop Loss/ Take Profit: We can have a great buying opportunity if the rate it will close above the 489 level. The Stop Loss can be placed below the former lows, at 438 and the Take Profit somewhere below the outside sliding line (SL) of the major ascending pitchfork, at 671 level.

Duration: Two weeks

Consolidation/Ratification level: You can drag the Stop Loss below the 446 low if the setup will be validated and if the rate will stabilize above the median line (ml).

Warning Level: A breakdown below the inside sliding line (sl) of the minor ascending pitchfork it will invalidate a further increase and it will signal a potential short opportunity.

Risk Management: If the rate will increase on the short term and if it will make a valid breakout above the 150% Fibonacci line, you can make an impressive profit. Risk/Reward Ratio: 3.63