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Ethereum is forming a short-term flat. The situation is heating up. Powerful impulses usually follow after long flats such as the current one.
So far, this movement seems to be a correction toward the upward trend. Ethereum’s price has rebounded off the level of large volumes, around $9.
That mark will be the peak of a rebound toward the upward trend, where a change of trends could happen. If the bears win the advantage, Ethereum’s price is going to fortify at the level of $9 and form a turn. In that case, there will be a good chance for a fall down to $7.5.
The structure of the upward trend could be disrupted at the $9 resistance line. If that happens, a turn to decline will be likely to follow.
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