The continued Ethereum price growth increases the chances for it to go up to $20. A new stop inside the key area may be the last one for this cycle.
Ethereum price has moved according to the hidden reversal scenario. It means that the previous growth from the $11.5 point can be basically considered a reversal of the long-term fall from $22. If that is the case, further rebounds of the coming growth will be limited in scale. But it’s worth noting that for some part of the bulls, as well as the bears and probably the overall majority of the market, Ethereum price is still undergoing a correction. In case there’s no large buyer on the market, a powerful fall is very likely to happen.
In cases of hidden reversals, rebounds are usually insignificant because the chances of the price growing or falling are almost equal. Due to this, the closest key line will be important for the entire upward trend from the $5.8 point. The key mark is currently at a crossing area of a diagonal channel, accumulated sell stop orders and the peak of the volume profile, near $12.7. The mark is the minimal correction peak.
The structure of a hidden reversal will be disrupted if the price forms a downward turn at $12.7. Consequently, if there is no hidden reversal, the entire upward movement from $5.8 is a correction. Thus, a powerful fall towards at least $11 is more likely.
ETC price tipping point
Ethereum Classic is fortifying at the bottom limit of a flat at $1.2. That means that if a reversal takes place, the following fall will be on a larger scale. Additionally, if the downward reversal scenario is canceled, Ethereum Classic price will have a good chance of growing towards $1.5.
If a reversal doesn’t form at the key $1.25 level, the chances are there will be a drop. In that case, the reversal of the ETC price at $1.20 will indicate no flat continuation. That can lead to a fall.
Upward flat wave
The key line for an upward reversal towards at least the $1.45 flat wave is at the crossing point of a diagonal channel and accumulated trading volume. The reversal at that mark will disrupt the balance between the bears and the bulls. Under such conditions, growth is expected.
Most likely scenarios
- the upward Ethereum trend is most likely to end if a downward reversal forms at the $12.7 point.
- in order for Ethereum Classic to grow, it has to form an upward reversal at $1.25