Ethereum Price Analysis: July 4 - July 11
The weekly price analysis for Ethereum and Ethereum Classic.
Ethereum price is continuing to fall. It is currently traded at the long-term correction peak. Is there a way for the price to go up?
Fall in demand
The fact that Ethereum price could settle at $300 just confirms the upward trend is weak. This mark is important for growth since it was the point of the biggest offer. It wasn’t able to uphold, so obviously the supply surpassed the demand. But at the moment, the fall in demand seems to be temporary. Sharp upward impulses after sharp fall only prove that. According to Vitalik Buterin, the Ethereum network development influences the ETH course.
Possible growth scenario
Technically, Ethereum price is at the peak of its long-term growth correction. It is also proved by the fact that the price has reached all the key levels, where most traders measure the trend. All that means that Ethereum is at the crossroads. It needs to uphold for a deeper fall. And for growth, there needs to be a reversal upwave. Chances are there will be short-term growth to at least $240. But for a more powerful growth, Ethereum will need to get strong positions at the $240 area. Otherwise, wait for another fall. You can see large volumes for sale up to $230 in the order book. This is a great opportunity for a large buyer to buy in bulk at the very peak of a rollback.
Time for a new direction
Ethereum Classic price has followed Ethereum’s footsteps. It has also reached its correction peak. This way ETC has two course of events. It can grow to $23 or fall below $10.
There might be high volatility in price due to trading July 13.
Growth with $16.5 turn
According to the trend structure, you can also see that Ethereum Classic price is on the lowest flat border, and it has been this way for more than a month. As a rule, trends are defined at such boundaries. Given that this flat is rather long, you should expect the trend of the appropriate scale. To confirm the growth until $20 and above, the ETC rate should fix at the highest $16.5 bid area. It will confirm the advantage of buyers. If after that the price does not form a turn-up, the fall is inevitable.
What to expect
If Ethereum price reaches $240 and forms a turn-up, it will be the first sign for long-term growth continuation.
For long-term growth to continue, Ethereum Classic should form a turn to at least $16.5.