Ethereum’s price has stopped before choosing a direction. What is to be expected?
Which direction will Ethereum pick?
After bouncing off the $11.4 resistance, Ethereum’s price failed to hold at that level. The buyers were more numerous.
The $11.4 level is important because it’s the most profitable price for the Bulls. If one compares the rebounds of the upward trend, that becomes easy to notice. Most traders make their decisions at points exactly like that.
If the sellers were more numerous, a turnabout would have happened.
To push Ethereum’s price further upward, it’s necessary for the price to fortify at a level which is profitable for the bears - $11.9.
This will indicate their weakness. After that, in case of a formation of a turnabout, the minimal top target is $13.5, which is the probable peak of a larger-scale rebound.
If a turn to decline forms, the next target will be $10.5. So Ethereum’s price might not form a downward trend, but there is a non-zero probability that it will.
For a continuation of the upward trend, the most profitable price for bulls is $11.1. For a turn to decline, one has to wait for the price to react to the level of $10.5.