Ethereum is forming a short-term flat. The situation is heating up. Powerful impulses usually follow after long flats such as the current one.
The advantage is with the bulls
So far, this movement seems to be a correction toward the upward trend. Ethereum’s price has rebounded off the level of large volumes, around $9.
That mark will be the peak of a rebound toward the upward trend, where a change of trends could happen. If the bears win the advantage, Ethereum’s price is going to fortify at the level of $9 and form a turn. In that case, there will be a good chance for a fall down to $7.5.
The structure of the upward trend could be disrupted at the $9 resistance line. If that happens, a turn to decline will be likely to follow.