Ethereum’s price continues its downward correction. It is smoothly approaching a decisive resistance line.

When is the current downward movement most likely to end?

Ethereum’s price has rebounded from the key level of $12.8. As we have assumed a day earlier, that mark has become a good point for traders to make their decisions.

ETH/USD price chart 1

So the downward correction continues. Ethereum’s price is approaching the level of $11.5, which could become a support line for the upward trend: it’s the minimal target for a rebound toward the upward trend, which has started at $7. That’s why that mark is a likely point for the upward trend to resume. But for a more certain movement the price has to break through the level of $12.7. Until a fortification and a turn happen at that resistance line, the continuation of the upward trend has a probability of around 50%. A flat scenario has to be weeded out for a confirmation. Ethereum’s price can rebound from the level of $12.7 and continue its flat, or even move downwards. A fortification and a turn will indicate that the bulls are holding the advantage. In that case, there will be at least a return to a medium-term flat around $13.5.

ETH/USD price chart 2

Ethereum’s price will have a chance to rebound up around the $11.5 mark. However, in case of a fortification at that mark, the price could form a downward impulse.