After the end of its short-term upward trend, Ethereum is continuing to form a medium-term flat. The price is close to the bottom limit, from which an upward rebound is also likely.
Will the medium-term upward trend continue?
Ethereum’s price is approaching the bottom limit of the flat. That means that the market will soon reach a decision point for the direction of the coming weekly trend.
The minimal correction target for the whole upward trend, which started at $10, is reached. Thus, the market will decide between two options at the bottom limit of the flat: either a correction of a larger scale, in which case Ethereum’s price will be moving toward the minimal target of $11.5, or an upward rebound followed by the continued medium-term trend. If an upward rebound does take place, the minimal short-term target will be near the intersection of the diagonal channel and the center of the flat ($13.5-7). In order for a more deep downward medium-term correction to form, Ethereum’s price has to fortify below the $13.7 mark, which is the center of the flat. In that case, the structure of the trend will remain intact, and the odds will be on the side of an impulse.
The fate of the medium-term upward trend could be decided at $12.9, which is the bottom limit of the medium-term flat.