Written by Denis HarrisoncontributorReviewed by Cyril Gilsonformer editorEthereum (ETH) Price Trends: 5/03/2016
MarketsPublishedMay 3, 2016
Ethereum’s price continues its fortification at an important medium-term level. The point where the market will choose a new medium-term direction is approaching.
Ethereum’s price is fortifying at a long-term level. If this keeps up, the turn to growth will become more likely than ever.
When will the short-term upward trend renew?
Ethereum’s fortification at a long-term resistance line has indicated that the bulls are holding the advantage. The downward trend is broken and for the upward trend’s renewal to become very likely, a turnabout structure has to form.
A fortification at the level of $10 will be the first signal of the flat ending. Thus, if a turn happens at $10, the odds will lie with the upward trend.
For the upward trend to continue, Ethereum’s price has to fortify and form a turn at the level of $10. The support line for the upward trend is at $8.5.
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