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Ethereum’s price is moving up in a flat-like dynamic. It is now close to a medium-term resistance line, where the upward trend could be switched to a downward one.
As long as the structure of the current trend is not disrupted, the current growth will continue right until the medium-term level of $13.7.
The future movement’s cycle will probably be decided at that point.
If the downward correction continues below $10, there will be a rebound from the medium-term level of $13, where the diagonal channel and the Fibonacci level 23 intersect. Otherwise, if Ethereum’s price does not break its upward structure when it reaches $13.7, the entire upward movement could become a part of the long-term upward wave with the minimal target of $15.
So far the odds are on the side of a long-term upward trend, as there was no turn on the medium-term scale. The decisive element will be the structure of the upward trend, which has started at $10.
The fate of the long-term upward trend will likely be decided at the $13.7 resistance line. In the case of a disruption of the structure of the upward trend, which has started at $10, the medium-term downward correction will likely be continued beyond that mark.
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