Ethereum’s price is forming a sideway moment. The rebound off a critical level has indicated that the advantage is currently staying with the bears.
Will the downward trend continue?
Flat, or sideway movement always forms between two key levels. These levels are a result of the market's attitudes. If the price fortifies at any of the two resistances, that means that either bears or bulls have won the advantage. Thus, the basis of trading tactics during flat, are deals opened at such key levels.
For Ethereum’s price to start moving upward, it has to break through the level of $8.8.
It has to fortify at that level and form a turn. Then, the market will at least enter a more deep upward correction.
The downward trend is not disrupted at the moment and is quite likely to continue. The critical level for a rebound is $8.8. Thus, a new rebound off that level is also not unlikely.