The structure of the upward trend has been disrupted. Ethereum has underwent a rebound towards the upward trend and is about to pick a direction.
Will the downward trend continue?
All movement which has happened after the $8.5 mark can now be considered a rebound towards the medium-term downward trend.
Whether that movement will end up as the first wave of an upward trend or will stay as a rebound, depends entirely on the traders’ reaction at key levels.
If the buyers win the advantage, Ethereum’s price will have to fortify at the level of $12.3. It’s at that point where the sellers will open deals with the expectation of a downward trend, and if they are a minority, there will be a turn to growth with a minimal target of $14.7.
For the downward trend to continue, the sellers will have to fortify at the level of $10.7 and form a turn to decline. In that case, the closest target will be at around $8.5-9.
The further development of Ethereum’s price depends on the traders’ reaction at the levels of $12.3 and $10.7. Traders decisions at those levels will determine the direction of the next trend.