For the second day in a row, Ethereum is doing better than the market and pleasing connoisseurs of technical analysis with beautiful figures. Today, it’s a "cup with a handle," which often forms as a result of an unsuccessful activation of the "saucer." In order to bring the figure into action, buyers need to break through the "neck" line at $435. This does not look like an impossible task, but it requires favorable conditions - at the very least, Bitcoin must hold above the levels of its supports.
In case of the figure’s activation, the target of the bulls is $475 and the boundary of the descending channel. However, this is a fairly optimistic scenario. More probable is a continued lateral trade at the level of the 0.236 Fibonacci expansion and a rebound down from the “neck” line. The most important thing in the current uncertain situation is that Ethereum has a safe margin of decline to the level of the local minimum of $360, which means investors will be able to wait out Bitcoin’s drop if it’s not too steep.