Ethereum (ETH) Price Trends: 5/12/2016

Ethereum continues going along its upward trend. An exit from the medium-term flat could provoke an upward impulse.

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Ethereum (ETH) Price Trends: 5/12/2016

Ethereum continues going along its upward trend. An exit from the medium-term flat could provoke an upward impulse.

Where is the upward trend most likely to end?

A fortification at a key level of $9.5 was followed by a natural impulse. There were several factors which have influenced that trend. Firstly, there was no medium-term turn, with Ethereum’s price reaching the peak of a correction and stopping at a level of the largest accumulated trading volumes of $9. Secondly, the medium-term trend has been broken at the level of $9.5.

ETH/USD price chart 1

This way, by analyzing the current upward trend, we can find the most likely point for it to end. First of all, the medium-term flat could continue and the current upward movement could turn out to be just one of its waves. That will mean that Ethereum’s price will stop near the peak of this upward trend. Secondly, if the structure of the upward trend is disrupted, that will be an even more significant confirmation, and the price will fall.

ETH/USD price chart 2

The level of $9.8 is responsible for the structure of the upward trend, and it is most likely to end there.

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