Ethereum is at its long-term levels of the best supply and demand prices. How will the trend move further?
Weak growth premises
Over two weeks Ethereum price has been oscillating between $35 and $52. It seems that the peak of the sharp growth on the long-term scale has been defined. As for the price of demand, the profitable level is at $35. The big sell deals closed at $52, have been opened exactly at that level. A big buyer has started securing their profit, and as a result, further growth has turned into a flat-like movement.
The growth of Ethereum price since December has been on a long-term scale. And now its peak has finally been determined. Usually, the price forms a rebound in such cases. The profits are secured by the traders and that leads to drops in price. After that, a new trend - commonly of a larger scale - is usually defined. That’s why it is highly justified to assume that such a rebound will start during the downward reversal of the price at a key level near $40. As we can see, there is a large accumulation of trading volume around the mark, and it will have a decisive effect on the possible reversal and rebound.
New powerful growth
The upward trend on Ethereum has started its rapid growth following a hidden reversal. Because of that, deep correction is not necessary for trends of large scales. On the contrary, a hidden reversal is indicative of a big buyer on the market. If we apply all that to the current trend, a hidden upward reversal becomes possible if the price fortifies above the level of $35. After the upward reversal wave is formed, it will not be unreasonable to discuss the possibility of growth continuation.
Choice of direction
The Ethereum Classic price has formed a new upward wave. That wave was a short one, as the structure of the short-term upward trend has been broken. Due to that, the growth didn’t last long, and the price rebounded. At the moment, Ethereum Classic is at a crossroads. The chances of growth and decline are almost equal.
Reversal towards $3.5
A more powerful growth is possible if the structure of the current trend from $1.3 holds on. The $1.9 line is essential for the upward trend. This price is the most profitable for the buyers. That’s why if the ETC price is settled, the chances are on the side of growth towards $3.5.
Fall below $1.5
The current structure of the Ethereum Classic price can become a long-term correction towards the downward trend from $3.5. This means that the price is currently at the peak of its correction. A confirmation for this outcome may come in the form of a downward reversal at a key level near $1.9. That will be the first sign of the long-term fall to continue.
Most likely scenarios
- If Ethereum price forms a downward turn at $40, a long-term downward rebound is more likely to start.
- Given a reversal at $1.9, Ethereum Classic price is unlikely to grow.