Speculation by big bulls has provoked Ether’s growth. The structure of the upward movement is forming a long-term turning wave. The probability of growth towards $20 is increasing.
After ETH fortified near $8, a turning wave and a powerful upward impulse have followed. There was a resistance in the way of Ether’s price, in the form of a large concentration of sell orders beyond the peak of the upward structure, at the level of $9. As we have mentioned several times already, when a big player appears on the market the price usually breaks through a key level without fortifying at it, but at the same time, it is likely to reach the next key line and then turn back towards the starting point. Such a tactic allows the players to make some profit in a very short time frame. That is why volatility grows at points where a turn is most likely.
For example, such an instance is true right now judging by the buy stop orders. We can clearly see that the largest volume of orders is concentrated between $9.3 and $9.7. The next volume can only be found at $6.5 and it is insignificant at that. Thus, we can determine that the key point will be at the level of $9.3. It is where the largest volume of deals is situated right now. That’s why we can think of it as a peak of the correction towards the upward trend, and also a downward turning point. The fate of the upward trend is most likely to be determined at that point. In the majority of cases, volatility grows at levels such as this one, independently of the scale of the movement. That is why this situation is profitable for large traders. Consequently, the price of Ethereum has to fortify above $9.3 in order to continue growing. For a continued growth, it also has to fortify at $11.7 and form a turn.
In the case of a downward turn at $9.3, the odds will be on the side of a further fall below $8. If a big seller shows up at that mark, there will be no fortification, but after the fall takes place, the price is likely to go back to the starting point.
The price of Ethereum Classic is forming a medium-term flat. After a period of growth, ETC’s price has failed to fortify near the peak of the upward trend, which has caused the beginning of the formation of a flat. The long-term line provides serious resistance. As we can see, the price of Ethereum Classic is not yet ready for a more powerful growth. However, the upward trend isn’t over yet either.
Evidently, the advantage is currently held by the bears. Sell orders have the largest volume. If this picture doesn’t change, it will severely impact further growth. If it does take place, the growth will be at most a flat-like movement towards the next wave of an upward flat. That’s why at the moment, in order for ETC to keep growing, it has to form a turning wave at $1.5. The minimal targets under current conditions are situated near $1.73, the top limit of the flat.
In regards to downward movement, ETC is currently likely to grow in volatility in favor of the bears, because the current situation with sell orders is profitable for a big seller. That way, the $1.27 mark is the most likely peak for a correction towards the entire upward structure. Thus, it would be highly unconventional to buy ETC during its fortification and turning at that level.
Key technicals where a change of trends is most likely:
The upward Ethereum trend is most likely to be broken during the downward turn at $9.3.
If Ethereum Classic forms a turn near $1.27, a downward trend will most likely follow.