Ethereum’s price undergoes a continued decline and has now reached the medium-term resistance line. The market will now choose new direction.

Will the downward trend continue?

Ethereum’s price is at an important level of convergence for large trading volumes. The further movement structure will determine if this level is the peak of a rebound within the continued downward trend, or a turning point before growth.

ETH/USD price chart 1

If Ethereum’s price manages to hold at the current level and form a turn, then we should expect at least a more deep upward correction.

If, however, the bears keep the advantage and the price fails to hold, turn about at this level, keeps falling and holds at $10.3, then the trend is likely to continue going down towards at least $9.

ETH/USD price chart 2

The structure of Ethereum’s price at the level of $10.9 will determine whether the downward trend will continue or not.