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The upward Ethereum trend could soon be over. Ethereum’s price has formed a flat wave, and now a turn to decline is likely to form
Ethereum Price Analysis
The upward Ethereum trend could soon be over. Ethereum’s price has formed a flat wave, and now a turn to decline is likely to form.
After forming a correction toward the upward trend, Ethereum’s price has rebounded from the $12.5 resistance line, which we have pointed out earlier. But this wave of the trend is likely a short one, because there is a probability that it will turn out to be a wave of a flat.
That’s why for the upward trend to continue, it’s necessary for this wave to be a part of that trend. It’s common knowledge that a flat always forms between two key resistance lines. Trying to break through either the top or the bottom limit, the price cannot fortify, and a flat forms as a result. Consequently, we need to find the bottom limit of the potential flat. In order to do that, we need to synthesize several key instruments: the diagonal channel, protecting the structure of the upward trend, the moving average 20, at which the average 5 has fortified earlier, and the accumulated trading volume level. As a result, we could find that all those levels intersect at the level of $13.2.
The upward trend will have a chance of continuing if Ethereum’s price fortifies beyond the level of $13.2. Otherwise, at least a flat will start.
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