Ethereum has formed a short-term upward trend. Is this going to be the start of a larger scale movement?
Should we expect the continuation of the upward trend?
The current mid-day trend can very well end up being a correction of the downward trend of a larger scale.
In case the bulls will keep holding the advantage, the movement can likely grow into a medium-term upward trend. To confirm that, Ethereum’s price has to hold at the level of $11.4 and form a turn. In that case, the next target will be the medium-term level of $12.3.
If the bears hold the level of $10.9, there will be a possibility of the price falling to $10.3.
Thus, the key resistance lines, which right now determine further development, are $10.9 and $11.4.