ETHEREUM Bearish fractal and how it is invalidated

Ethereum is trading within a 1 month Channel Down on the 1D chart. This is the second Channel Down in a row it has been trading in since April 20th. The first was invalidated when the price aggressively broke to the upside and hit 254.00.

The broader pattern is a Bearish Megaphone that started with the June 26th peak. The same Channel Down in a row pattern took place on that peak. Once the price broke the 2nd Channel Down to the downside, it dropped to the 1D MA200.

Since the current Channel Down made a High on the Bearish Megaphone's Lower Highs trend-line, it is possible to see a similar drop to the 1D MA200 if the Channel Down breaks downwards. The pattern is invalidated of course if the Lower Highs trend-line of the Bearish Megaphone breaks upwards, in which case ETHUSD turns bullish on even larger time-frames.