Ethereum price is adjusting on a long-term scale. Where is the rebound peak?
Correction of long-term scale
As expected, the lack of large buyer support in the $300 area triggered a drop to the next resistance zone around $250. The level was formed on June 15, where we saw a significant increase in demand. However, after another fall to this mark, the demand decreased. It was one of the reasons for the further decline.
PR move for GDAX exchange?
Ethereum price was only 10 cents at the GDAX exchange on June 22. According to the exchange representative, it was the result of a major sale. That’s why it was a margin call for many traders who bought Ethereum. GDAX promised to return the funds to all the parties involved in the incident in their original form - i.e. until the collapse. But what does it really mean? Did the exchange let some major seller earn or is it just a way to attract attention?
The price at the long-term correction peak
Until the fall, the strategic goal was around $250. At this mark, it was necessary to track the price reaction. There is a growth in demand at $210, which seems to exceed the $250 demand. This might be the bottom of a $400 rollback if Ethereum price does not form a downward turn at $245 - $250. Otherwise, there will be decline down to at least $200.
Ethereum Classic price is in its medium-term flat. Thus, we can assume that the growth peak for a major player has been determined. The $23 mark was reached three times, along with large sales afterward. The fact that the price collapses around $23 indicate that there’s still high demand at this mark.
Further growth or flat exit
Ethereum Classic price has reached the lowest border of the $15 - $23 flat at the moment. There are two courses of events: whether there will be a bounce up to the next flat wave up or the flat exit and a deeper fall. The demand is higher at the lowest border area than it was on June 15. This might be an indication that the denouement is close. If major buyers don’t support the ETC exchange rate at $15 there will be a downturn. Otherwise, we’ll see the next flat upwave.
What to expect
If there’s no reversal down to $245 - $250, the long-term rollback from $400 will be over.
No downward turn at $15 will trigger a growth wave.