Ethereum is at the point where long-term growth may start. The news on the launch of the Bitfinex decentralized ETH exchange might also influence the price.
Last week ETH was traded at the key level, where the upward trend was defined. There we saw the next flat wave for the correction to $138 upward trend, and the course of future movement was found. After the wave reversal, July 29, the volume of the supply was much lower than the previous numbers. The demand, on the contrary, exceeded the volumes seen earlier on July 27. As a result, the wave formed up to the $230 mark.
Long-term growth or flat wave?
The $176.2 upward movement has limits. The trend structure has formed so that the turning point is not far from the current price; technically, the graph is going to a new level. The $230 area is the key level, where the entire $176.5 upward structure from may be breached; the trading volumes large number of pending purchase orders confirm it. This also might turn into a wave of the medium-term flat; then the biggest pullback level will be at the $230 mark. The price rise may remain, in the case of a pullback without any reversal. But the reversal at $230 will mean there is no support from the buyers. This way, Ethereum will form the next wave of the flat down.