Ethereum price has reached its historical maximum again after a sharp fall in June last year. Why has the price stopped at the $20 mark and how will Enterprise Ethereum Alliance affect Ethereum in the future?
ETH/USD
Upward trend at its minimal targets
The news about the Enterprise Ethereum Alliance launch has led to an increase in volatility. Then again, that is the case for most significant events. Such news is a great opportunity for big sellers to impact the price. Here their motives play a crucial role, which is quite evident. If we see powerful growth coupled with negligible rebounds and positive news, the bears will be much less numerous than the bulls. Thus, there are no particular obstacles to the price growth. Consequently, this is a good opportunity for the price to go up.
In a different scenario, we have the majority of buy orders and that is also a great opportunity to sell Ethereum. In that case, the structure of the upward trend would have been broken. It would have happened near the $14.2 point because that is where the largest volume of buy orders is accumulated.