Ethereum Looking To Breakout From Sharp Downtrend

Ethereum is in a pattern down trend, but it's extremely steep:

Technicals on longer charts indicate that a small rally may occur, pushing ETH out of the down trend and up to test the $286 level as resistance. ETH found support at $256 this morning, maintaining closes above $262.

As mentioned this morning in my previous article, cryptos are shaping up to consolidate at this level before any more majors movements will continue.

If consolidation does occur, a bear trend is likely to maintain as consolidation rarely means trend reversal. Trend reversals are created by sharp movements with heavy volume, none of which we are seeing here during consolidation.

Papa BTC is also undergoing consolidation which will enable technical indicators to normalize.