Ethereum is forming a downward trend. For how long will that movement continue?
Is the medium-term downward trend continuing?
After fortifying and forming a turn to decline at the $8.5 resistance line, Ethereum’s price has formed a short-term downward trend.
If the trend’s structure remains intact, the most significant target will be at $7. The most likely turning point, as well as the peak of a rebound towards the downward trend is $8 - the level of the largest accumulated trading volumes. If a turn is formed at that mark, it will indicate that the bulls have won the advantage, and in that case the following upward momentum may be stronger.
The critical level for the downward trend is the same as before - $8.5. The structure of Ethereum’s price at that level will be an indicator of the future trend.