Ethereum (ETH) Price Trends: 5/24/2016

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.

1429 Total views
86 Total shares
Ethereum (ETH) Price Trends: 5/24/2016

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.

ETH/USD price chart 1

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.

ETH/USD price chart 2

The fate of the medium-term upward trend could be decided at $12.9, which is the bottom limit of the medium-term flat.

×

Hottest Bitcoin News Daily

For updates and exclusive offers, enter your e-mail below.