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Ethereum’s price is forming a downward correction toward the medium-term trend. The price is approaching a significant level, which may serve as the peak of that rebound.
Until Ethereum’s price breaks through the level of $9.7, which we wrote about earlier, the entire downward movement will remain just a correction. Beyond $9.7, the movement will grow into something larger than the entire upward trend, which has started at $7. The exponential average and the large trading volumes at $9.7 serve as support levels for that medium-term upward trend. That’s why if the bulls are holding the advantage, there will be a rebound from that level.
In order to determine the point where the downward rebound is more likely to end, we have to find the mark, where one structure is changed by another, larger one. That is the level of $10.4. There is an upward resistance line there in the form of the large accumulated trading volumes level, and the average 55 is also indicative of the power of the movement. There was no crossing so far, which means that the upward movement is of a lower scale than the downward one. Additionally worth noting is the Fibonacci 61 level, where the bears may start opening their downward deals.
Thus, Ethereum’s price could form a flat between the two key resistance lines: $9.7 and $10.4. An impulse is likely to start at either of those levels.
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