Ethereum’s price is currently in a rebound towards the downward trend. How deep will this rebound be?

Will the rebound grow into a turn to growth?

The short-term upward trend is actually a rebound toward the medium-term downward dynamics. So it’s a bit too early to be talking about a turnaround in the medium-term scale.

ETH/USD price chart 1

For the continuation of the downward trend to become likely, Ethereum’s price has to fortify at the level of $8. After forming a turn there, there will be a good chance for the downward trend to continue. That will indicate that the bulls are a minority at that level.

ETH/USD price chart 2

But before that happens, Ethereum’s price will continue its upward rebound. The next key level and the most likely point for a stop is the medium-term resistance of $10.