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Ethereum’s price is forming a correction toward the upward trend, which has started at $7. The downward trend is very likely to continue, until the structure of this movement is not disrupted.
After exiting the medium-term flat, Ethereum’s price has formed a short-term downward impulse. Thus, the odds are on the side of a larger rebound.
The downward movement can be flat-like. The next target is a level, where two potential scenarios can play out. The movement can stop around $11, because Ethereum’s price will have to choose the future direction: either form a turn to decline, or continue the long-term upward trend. Also, we need to find the most probable turning point for this short-term downward movement. Several important instruments intersect at the bottom limit of the flat, at $12.8: the diagonal channel, the Fibonacci level 61, the average 35, and the peak of the upward wave. All that can provoke the bears into betting on a decline, and if the advantage is on their side, there will be a downward rebound.
A return to the medium-term flat can happen at the $12.8 mark.
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