Ethereum’s price has formed a flat. It may provoke a short-term trend when it leaves the corridor.
Which direction will Ethereum choose?
The downward trend on Ethereum’s market is not broken yet. The price is moving within a flat, preparing for another dash.
One of the boundaries of that flat will be a starting point for the short-term trend. Because the trend is heading downward and there was no turn, $8.4, which is the top limit of the flat, will also be the peak of a rebound.
If the downward trend is to continue, there will be a bounce off that point, but if the bulls hold the advantage, Ethereum’s price will start fortifying at that level.
The change of trends is most likely to happen at the top limit of the trend, which is at the level of $8.4.