The structure of Ethereum’s upward trend is disrupted. Which direction wil Ethereum choose?
Will the downward trend continue?
An upward rebound off the long-term resistance line took place. Thus, Ethereum’s price has a chance to continue its downward trend.
But for that, it needs to break through the bottom limit of the flat: a rebound off it can very well happen instead.
For an upward trend to form, Ethereum’s price will have to fortify at the top limint of the flat, which is at $7.8.
The future direction will depend on how will the traders behave at the flat’s limits. A fortification and a turn at either of the boundaries will indicated that the advantage lies either with the bulls or the bears.