Ethereum price continues to roll back to the long-term upward trend. What is the most likely turn of events?
End of correction
The recent Ethereum network overload has undermined the rapid growth. It also affected the network’s limit. Since the end of June, this limit has increased almost twice, which makes it possible to process more transactions. Ethereum price is currently at the peak of its correction. The course formed a flat $240 to $312. It is from here that the new trend is most likely to start.
How to exit the $240 - $312 flat
These flat boundaries can be treated as the biggest demand and supply levels. The charts show that $312 had the largest sales volume, and $240 had the largest amount of purchases. The largest volumes are at these points, according to the diagram of pending orders. Thus, until the course is fixed at $312 and forms a turn, the flat will continue. At $240 turn, Ethereum price may start to decline to, at least, $200.
Volatility is likely to increase
Ethereum Classic price is still traded in the $15 to $20 flat, that formed as a result of a powerful fall at the end of May. The uptrend was broken, and over the last month, the rate was not determined by its trend. But it may indicate that something serious can happen on the market.
Long-term trend wave
$15 to $20 flat is, undoubtedly, a long-term growth correction. Therefore, if it exits this framework, it will mean that a long-term trend is about to start. For Ethereum Classic to continue going up, the advantage should be with the buyers. With an increase in demand and an upturn around $19, the upward trend will go up to, at least, $23. Otherwise, there’ll be a flat continuation somewhere at $15 to $20.
What to expect
There should be an upturn at $312 for Ethereum to grow.
There should be an upturn at $19 for Ethereum Classic to go up.