Ethereum continues its upward trend. The structure of the trend was not disrupted at a key level, which resulted in a new upward impulse.
The upward trend continues
After a rebound from a medium-term level, Ethereum’s price has continued its upward movement. The power of that impulse is caused by the inablity of the market to form a turn to decline. If that wasn’t the case, a new flat wave would have been likely. But because the structure of the short-term upward trend was not disrupted, a flat is not going to happen.
What has followed as a result is a powerful upward impulse. As long as the structure of that impulse stays intact, the upward movement will keep growing rapidly. But if the bears win the advantage at the level of $10.5, the upward trend will stop and at least a downward rebound will follow.
The $10.5 resistance may become a critical point for the current upward movement.