Ethereum’s price is at the level of convergence for large trading volumes. The current price is the most profitable for the bulls.
Usually it is in points like this one, where the market chooses the future trend. That happens, because the demand outweighs the supply: obviously, everyone wants to win. If Ethereum’s price holds at the level of $11.5 and forms a turn to decline, there will be a good probability of a downward trend.
But if the bulls hold that level, the current upward trend will continue, until at least the end of the rebound at $12.
The key level for the upward trend, which has started at $10.16 is the important resistance of $11.5 (BITFINEX). The market is most likely to decide its further trend exactly at that mark.