Ethereum price has reached psychological resistance. If it breaks through that line, the next stop is likely to occur at the $20 point. Another increase in volatility can provoke the launch of a new Blockchain consortium, which Microsoft will join.
The growth scenario continues
The hidden reversal structure is still intact. The price has failed to form a reversal at the key level of $12.7; it has led to a new upward impulse. When a hidden reversal takes place, the majority of traders usually open their deals at the nearest key lines. The rebounds, in that case, tend to be minimal.
Growth end scenario
When rebounds are minimal, we can track the breaking point of a trend. This structure indicates a clear advantage held by the bulls. Given that, the trend will be over, the moment there is no support at the nearest key level. The nearest key mark is at the crossing point of the 76 percent Fibonacci retracement and a diagonal channel near $14.2. If the Ethereum price forms a downward reversal at that point, the odds will be on the side of a rebound towards the entire upward trend from $5.8.
Growth continuation scenario
Given that the $14.2 mark is important for the price downward turn, it will be the maximum peak for a possible rebound. If there is no downward reversal and sufficient support from the bulls after breaking through the diagonal channel, the turn of events will be similar to the one that took place at the $12.7 line. Under such circumstances the next likely target will be near $20.
One more growth attempt
Ethereum Classic price is still fortifying at $1.2, the bottom limit of the medium-term flat. In the past, an upward reversal at $1.26 never took place. Right now the price has again stopped at this important key line.
The key mark near $1.26 is profitable for the bears. Due to this, if they turn out to be a minority, there will be an upward reversal. Since Ethereum Classic is currently inside a medium-term flat, during a reversal the minimal targets will be near the top limit of this flat - $1.4 to $1.5.
Continuation of the flat
In case there is no large buyer at $1.26, the flat will continue. In this scenario, the ETC price will again drop to the nearest key level for the bulls. That will be near $1.19.
Most likely scenarios
- the upward trend of the Ethereum price may end if the price forms a downward reversal near $14.2.
- if there is an upward reversal at the $1.26 key level on Ethereum Classic, it is very likely to grow at least till $1.4 to $1.5.