Ethereum is being traded at a key level, where there is a chance of an upward trend. Is Ethereum ready to form it?
The peak of a correction toward the downward trend has been reached
The downward trend could be broken at the $12.3 mark. That would mean that the medium-term upward trend is continuing. But the rising structure has to stay intact.
We need to find a resistance line where this upward movement could be broken. For that, we need to find the point of maximum engagement for the bulls. The Fibonacci level 61 is used as a target of a correction. The diagonal channel and moving average are responsible for the scale of the movement. That is, if the price breaks through those instruments, it means that there is a dynamic of a larger scale, hence there is more potential to that movement. That’s why, if there is a future for the upward trend, Ethereum’s price will rebound from $11.6, a point of intersection for all those instruments. Otherwise, a fortification at that mark will be the first signal of Ethereum’s price falling back to $10.5.
The $11.6 resistance line could be a decisive level during the choosing of further direction.