Ethereum’s price continues its downward movement. The price has reached an important long-term resistance line.
There is a probability of a change of trends
Ethereum is currently in a zone, which is profitable for purchase deals within the long-term trend. That’s why there is a chance of a new upward rebound.
For a more confident signal, Ethereum’s price has to break the medium-term downward trend. The level of $7.5 will be a critical point for a rebound. If the bears don’t hold the advantage at that level, a fortification and a turn are likely to follow. The minimal target will be at around $8, which is the most profitable price for the medium-term sellers.
There is a good chance of an upward rebound, but first there needs to be a confirmation in the form of a fortification and a turn at the level of $7.5.