During the last couple of months Ethereum was undergoing correction towards its long-term trend. That rebound can very well be considered finished.
Will the upward trend continue?
There was no turn in the long-term scope. Ethereum’s price has failed to break through a number of key long-term resistances, which would allow it to form a turn. Thus, the movement has come to a halt at the next key level.
Such moments are beneficial for short-term deals along the main trend; for Ethereum’s price to resume moving along its long-term growth trend, the current correction has to end.
This rebound will continue as long as the bears hold their advantage at key levels which are profitable for them. The balance of power has to shift and then the upward movement will become likely to continue. The level of $10 is the price of the latest downward rebound and a critical point, where the trend is most likely to change. If the bears still hold the advantage, Ethereum’s price will bounce off the level of $10 and is then likely to fall again down to $7, forming a flat in the process.
If, however, the price fortifies at that level, it will be the first signal of the coming upward trend. The second significant potential indicator would be the formation of a turn. With conditions like that, the upward trend will be likely to resume moving towards the next target of $14. The potential of that trend would then be able to be judged upon by the structure of the following upward movement.
The continuation of the upward trend depends on the structure of the price at the level of $10. If the necessary conditions manifest, the upward trend will continue.