Ethereum’s price continues to go through an upward correction. This movement is now very likely to grow into a medium-term turn.

A rebound or an upward trend?

The upward movement is natural, because it’s common to have a rebound towards the previous trend before a new one starts. After this, we will either see a continuation of the downward trend or a turnabout. Due to its inability to fortify at the level of $8, Ethereum’s price keeps rebounding upward.

Ethereum price chart

In the short-term scope this rebound is equal to an upward trend. Consequently, the conclusion of this trend will coincide with the conclusion of the rebound and the continuation of the downward trend. For that, Ethereum will have to fortify and form a turn to decline at the level of the largest accumulated trading volume, which is $8.

Ethereum price chart

Before the bears win the advantage at the level of $8, the upward movement will continue, at least within a sideway corridor.