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The price of Ether has slowed down in anticipation of a new surge. Will the expected growth beyond $10 take place?
At the moment, the price of ETH is undergoing a rebound towards the upward trend from $5.7. The structure of this correction is, as was expected, flat-like. That is indicative of the bulls’ support. It is worth noting that this rebound is approaching its end because the buy orders are being aligned into a picture, which is profitable for the big bears. A week earlier, the situation was not profitable for short-term speculation by large sellers, which led to the formation of the flat-like movement, but now it’s quite the opposite. This means that we are close to a resolution.
When a situation comes up that is profitable for the big players, it leads to an increase in the chances of the volatility growing, or a new trend beginning. That is why this downward rebound, $8.7 - $7.5, can turn into a turning wave, which will continue the downward trend. If that fall does take place, it will remain short-term for some time, because the medium-term upward corrections targets haven’t been completely fulfilled. Thus, the $7.5 mark can be considered the bottom limit of the downward correction, as well as a turning point for a new fall. For a more confident signal, it will be better if Ether’s price fortifies at that level, without going above $8.3, and forms a turning wave at the level of $7.5. Under such conditions, the odds will be on the side of a short-term downward impulse near $6.5. After that, the price of Ether can go back to $7.5.
So far, the chances are on the side of an upward trend. In order for the correction to end, Ether’s price has to break its structure. The large orders at $8.3 are responsible for the structure of the rebound. If big buyers show themselves, the price of ETH will fortify near $8.3 and form a turn towards at least $8.7. Such a situation can provoke the rest of the bulls, who will start buying in anticipation of the continuation of the flat, namely the new upward wave towards $14.
The upward trend on Ethereum Classic is rapidly increasing in power. The price of ETC has fortified above $0.83 and formed a new wave of the upward impulse. An indication that a prolongation has taken place as we have predicted it a week earlier. The prolongation is a hidden rebound of a larger scale structure, which means that the rebound is happening at a subwave level, and the actual trend is of a larger scale. If the downward correction went beyond 0.083, the situation with sell orders would be completely different, and under those conditions, the upward trend would be less likely. But with the hidden rebound, the situation with sell stop orders is more profitable for big buyers.
The current trend has good chances to get to $1.5. Firstly, we have rapid growth with hidden rebounds. Secondly, judging by the buy stop orders, there is enough support from the bulls. The downward movement is unprofitable for the big buyers, given the current situation on the market. This is why the downward movement is a zone of the flat, or flat-like movement. As long as the structure of the upward trend remains intact, the minimal target of this trend will remain in the $1.5 area.
Key technicals, where a change of trends is most likely:
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