Ethereum (ETH) Price Trends: 5/06/2016

Ethereum’s price has formed an upward turnaround wave. Will there be a turn?

Where will the upward trend be cancelled?

There is a fortification at the level of $10, and a turnaround wave has been formed. In such conditions, the odds are lying with an upward turn. I.e. in case of a repeated break through the peak of the wave, the movemet is more likely to go along an upward trend, rather than a downward one.

ETH/USD price chart 1

But another option is possible nevertheless. There is always a probability of a cancellation of a movement. That’s why the level protecting the upward trend is at $9.3. A new rebound may happen off that level, or a fortification followed by a turn to decline.

ETH/USD price chart 2

The upward trend will be broken if Ethereum’s price reaches $9.3. A new downward trend may begin at that level.