Ethereum’s price has reached the peak of its rebound. This is the time for another movement along the trend.
When will a new trend start?
The $10.7 resistance is profitable for the buyers and because of that, Ethereum’s price has bounced off it for the second time.
Until the sellers fortify at that point, the sideways movement is likely to continue. A fortification and a formed turnaround will indicate that the bears hold the advantage. That way, Ethereum’s price will have a chance to reach $8.6.
If we rule out the possibility of another upward rebound, which will most likely be the next bet of the sellers, Ethereum’s price has to hold at $12.3 and form a turnaround. That way, there is a much higher probability of an upward trend and the minimal target will be at $14.7.
In the end, the two most likely points for a start of a new trend will be where one movement grows into another, larger one. Those points right now are $10.7 and $12.3.