The upward Ethereum trend is continuing. Ethereum’s price is keeping the structure of its trend, which allows it to grow.
The upward trend is continuing
Because the upward structure was not disrupted, there is only one option, which is the continuation of the trend. After a rebound, Ethereum’s price could not break through the $13.2 support line; thus, the flat was unable to form.
The structure of the trend could continue extending, as long as there are signs of a flat forming. As soon as the flat starts, the whole upward trend, which has started at $10, will end. That’s why it is important to monitor the structure of the movement. A new level has appeared, at which the flat could start. That is the $14 resistance line - the diagonal channel and the average 20, at which the average 5 has fortified earlier, intersect there. That point is also the peak of the last rebound. If Ethereum’s price breaks through that resistance, a flat will start. The market will choose a new direction while inside that flat.
As long as the structure of the upward trend is not disrupted, the upward trend will continue. But a more deep downward correction could start at the level of $14.