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Ethereum is continuing its long-term trend, having formed a likely wave of a flat. Will the upward movement continue, or is a larger-scale flat about to start?
The level of $10, which we have determined earlier, has been decisive during the choosing of a direction. After fortifying on it, Ethereum’s price has formed a turn to growth, thus continuing a long-term trend.
There is a probability that the movement, which started at $8, will turn out to be a wave of a long-term flat. If that is the case, Ethereum will return to its original May positions. But before that happens, the entire upward structure has to be disrupted. That’s why we need to determine a level where the trend is most likely to change. The crossing point for several important instruments enables us to find the most likely point where the bulls have the advantage. If there is no flat, Ethereum’s price will rebound up from the $11 mark.
The level of $11 is the most likely peak of a correction within an upward trend, which has started at $8. If the structure of the trend is not disrupted at that level, the long-term growth will continue.
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