Ethereum Price Trends (ETH and ETC, Week of February 6th)
Ethereum price is on the edge of its key level. It indicated probable long-term volatility. This is the point where the long-term direction will be defined.
Ether price finished its price correction.
Ether course continued its growth at $10.2 without any down reversal. At the moment the price is at its highest peak. At this point, the long-term direction will be defined.
3 possible course of events with $11.5 level
Breakout and downtrend reversal
Beneficial for: the sellers. They will be gaining profit from it in the long-term because this is the crossing point for the most technical indicators.
We saw how influential $11.5 price was earlier this January. The first scenario is that there will be a breakout from the $11.5 price. At the same time, the long-term downtrend that started in summer 2016 will continue. This option is possible if there’s downtrend reversal at $9.9 because this mark is the crossing point for the main technical instruments.
Beneficial for: the majority of buyers
Hidden or full downtrend reversal from $22 point
For a full upward reversal Ether price needs to settle at the $9.9 point.
Beneficial for: the majority of buyers, taking into account the sloping channel, trades value and number of pending orders
That is why it is crucial for a full upward reversal to stay at this point.
But If there’s a big buyer on the market, the price breakout is unlikely to happen. The expected minimum will be $10.5.
In this case, there may be a shift to a long-term downtrend from $22 to the minimum goal up to $20.
ETC/USD. The Upward Trend
After the backdrop, Ethereum Classic settled at $1.25.
The increase from this point is the reversal of the $ 1.8 downtrend. But for a more conservative approach, it’s better to wait for $1.4 upward trend.
Ether Сlassic price has already bounced between $1.4 and $1.5. That’s why there is still a possibility for a new bounce.
Beneficial for: if it’s for the buyers then falling is inevitable. Minimal falling goals would be at the sloping channel and $1.35.
Further growth is not possible if there is settled $1.4 ETC price and an upward trend following.
Beneficial for: the buyers.
In this case, growth is the most probable option.
Most likely scenario
The upward trend with $5.8 Ether price will most likely end up at $9.9 with a reversal.
The upward trend for the more probable continued growth requires reversal structure at the level of $ 1.4.