Ethereum price has surged to the $100 mark, which was followed by big sell deals - a result of speculation after the ETF news. Does this mean the end of the long-term uptrend?
ETH\USD
Long-term uptrend disrupted
It seems that we can reach an intermediary conclusion, given that the peak of the long-term trend has been defined. After the new surge from $80, the price reached the $100 mark. Thus, the price of Ethereum has grown 17 times over in five months. The volume of growth we have seen from $80 is significantly lower than what it was from $20 to $50. Also, the sharp rise was followed by a similarly sharp fall, which was broken through the starting point of that growth. All these factors are disruptive to the trend. A similar scenario played out on March 17, when Ethereum fell sharply from $50 to $36 and was stuck in a flat for a month after that. Thus, we can consider the long-term trend of the current scale to be finished.
Continuation of the downward rebound
Usually, after the structure of a trend has been disrupted, a rebound follows. Ethereum price has already reached the minimal targets of the rebound, forming the likely peak of this correction. Ethereum enjoyed some support from the bulls near $74. There are also large previous and current deals seen at that level. This mark might become the peak of a reversal towards a deeper correction.
Forming a larger-scale trend
The medium-scale correction zone towards the upward trend will be before the $74 level. If there is no reversal at $74, the odds will switch to the side of continued growth; at least until the accumulated volume of sell orders near $95.
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Nice analysis. Have any analysis of your own?