Is Ethereum Poised To Drop Again?

Timeframe: 240M
Main Scenario: The rate could drop again if it will fail to make a valid breakout above the median line (ml) of the minor ascending pitchfork. You can see that it has failed to close and stabilize above the median line (ml) in the last attempt. However, right now you should stay away and wait for a confirmation that the rate will really drop again in the upcoming period.

Alternative Scenario: A valid breakout above the median line (ml) it will signal a further increase and it will invalidate the bearish scenario.

Entry/Stop Loss/ Take Profit: Maybe we'll have a great selling opportunity from right below the former low, from 463.77 level. The Stop Loss can be placed above the former highs, somewhere at 487.06 level and the Take Profit at the 415.30 level.

Duration: 5-7 days

Consolidation/Ratification level: You can drag the Stop Loss below the opening price if the rate will make a valid breakdown below the inside sliding line (sl) of the minor ascending pitchfork.

Warning Level: A failure to drop and close below the outside sliding line (sl) of the descending pitchfork it will signal that we may have only a minor drop before the rate it will increase again.

Risk Management: Risk/Reward Ratio: 2.08