The downward trend on Ethereum’s market has lead the price to an important medium-term resistance. The trend is most likely to change at that point.
Is the current trend nearing its end?
Ethereum’s price has stopped at a long-term level, which already indicates that there are a number bulls out there.
But whether the nature of those purchases is long-term or short-term will only become clear after analyzing the further structure of Ethereum’s price.
For the formation of a short-term upward trend to begin, Ethereum’s price will have to fortify at the largest accumulated trading volume mark, which is $8.8, and form a turn. Such movement can provoke the further formation of a medium-term upward trend.
Until a turn happens at the level of $8.8, the downward trend will continue.