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As was predicted, Ethereum’s price has bounced off the long-term resistance line. If the structure of that movement holds, a turn to growth is likely to happen.
Ethereum Price Analysis
Ethereum, ETH, USD, Analysis
After fortifying near the top resistance of $7.5 and forming a turn to growth, the short-term structure of the downward trend was disrupted, which caused a turnabout.
Such movement indicates that the bulls are holding the advantage, hence the trend is likely to go up. It’s important to monitor the structure of this short-term increase. If a turn forms at the level of $7.3, the trend has a good chance of heading downward again.
The critical level for the short-term upward trend is at $7.3. As long as the trend’s structure is intact, the price is going to continue to grow.
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