The price of Ether is undergoing a correction towards the upward trend.Ether is currently at a key resistance line, where volatility is usually most likely to grow.The price of ETH is at the peak of a medium-term rebound towards the upward trend from $5.8.Some bulls are placing buy orders at the projected peaks of the correction, at the sub waves, given that there is little chance for a proper rebound with the current powerful growth.That is why the price meets significant resistance at such points.As we can see, the price of Ether has stopped at that level and went flat.That indicates that the bulls were much more numerous, and the sell orders were situated beyond the $9.3 mark, which resulted in a less than profitable situation for a big short-term seller.However, when a particular trend does not have sufficient support for continuing, the traders’ sentiments usually change.As we can see by the sell stop orders, the bulls have split into two groups.Some of the traders are holding on to their orders, expecting a continuation of the downward sub wave towards $9.3.

Other bulls have placed their orders at the possible full-scale rebound towards the entire upward trend from $5.8.Such a situation can result in one of two most likely scenarios either the price of Ether is going to repeat a fall, rebound and continue its upward trend towards at least $10.5 or fortify and form a turning wave at $9.3, followed by a fall towards at least $8.2.There is also a third option, which will take place if a big seller enters the game.In that case, there will be no fortification.The price will instead simply ignore the key level of $9.3, however, in most cases after a fall the price returns to the original point from the last significant resistance.The level of $10.5 is worth noting.In order for the upward trend to continue, it has to pass that mark.A large buyer can show him or herself at that point.In that case, there will be a false break through the peak of the upward trend at $11.6.The price of Ethereum Classic is continuing its correction towards the upward trend.

ETC has failed to form a turning wave at the level of $1.5.The lack of support from the buyers has provoked a fall towards the key level of $1.27.The price of ETC is fortifying at that mark, which the first signal of a full-scale turn to decline.The current situation with the traders’ stop order is favoring the bears.But for a more likely fall, we have to see a formation of a turning wave.Otherwise, there will be a similar scenario to the one we have seen at $1.5 albeit this time it will be reversed.Some bulls think the level $1.27 the peak of a correction towards the entire upward trend.The rest of the buyers, which are a majority, are situated near $0,75, expecting a downward flat wave.This way, if the price forms a turn at the $1.27 resistance it will face a key level of $0.75 on its way down, which will likely stop the fall.In order to continue growing, the price of ETC has to pass a key line near $1.4.A large volume of sell orders at that mark will provide serious resistance to growth.

That is why in order to confirm the continuation of the upward trend, we have to see a turn form at that mark.An accumulated volume of stop orders is more likely to impact the upward trend before the level of $1.4.That will likely result in a flat-like movement.Key technicals where a change of trends is most likely:Bitcoin has more than doubled in price this year alone, but it has been outperformed by its closest rival Ether, which is up over 2,300 percent.On January 1, bitcoin was trading at the day's high of $1,003.25.bitcoin atm romaniaOn Wednesday, it broke through the $2,300 barrier for the first time to hit a fresh record high of $2,377.32, according to CoinDesk, marking a year-to-date rise of 137 percent.ethereum china 31 mayTo find out what's driving bitcoin's rally, read more here.taobao bitcoin

Meanwhile, bullishness around bitcoin has stoked appetite for other cryptocurrencies.One in particular known as ether is getting traction.This represents a 2,367 percent rise year-to-date.Ether runs on an underlying technology called Ethereum, which is a different blockchain to the one that underpins bitcoin.While ether does have digital "coins" like bitcoin, companies are more focused on how the Ethereum blockchain could be used in real-world applications.Ethereum has been designed to support so-called smart contract applications.ethereum rig buyA smart contract is a computer program that can automatically execute the terms of a contract when certain conditions are met, potentially taking a lot of the human involvement out of completing a deal.greece coin bitcoinBarclays for example, have used a form of this technology to trade derivatives.ethereum purchase in india

How is it different to bitcoin?Firstly, Ethereum is a lot younger having only been started in 2014, whereas bitcoin began in 2009.Ethereum is also focused on smart contracts, while bitcoin is very much about payment technology.Why has ether rallied so much?While bitcoin has been getting support from certain governments and investors, the Ethereum blockchain has been backed by corporates wishing to use the technology for smart contract applications.A group called the Enterprise Ethereum Alliance (EEA) was recently founded to connect large companies to technology vendors in order to work on projects using the blockchain.kraken bitcoin tradingCompanies involved in the launch include JPMorgan, Microsoft and Intel.bitcoin spdOn Tuesday, the EEA announced another 86 firms joined the alliance, which is adding growing legitimacy to the cryptocurrency.bitcoin to hit 10000

At the same time, the rally in bitcoin has seen investors turn to alternative digital currencies as well as attracting a broader investment base.A year ago, over 83 percent of ether buying happened with bitcoin, according to data from CryptoCompare, showing that it was mainly crytocurrency enthusiasts interested in it.As of Wednesday, bitcoin accounted for just over 32 percent of trade while fiat currencies such as the U.S.dollar and Korean won have risen sharply."Yes the direct fiat flow options are a fleshing out of the ethereum ecosystem and show its broad appeal," Charles Hayter, CEO of CryptoCompare, told CNBC by email.Will the rally last?Not all in the market are convinced that the ether rally will last.Bitcoin trader Jason Hamilton is worried that products like Ethereum could be cloned."People are buying a specific blockchain, but the big interests are in the technology.They'll probably make their own clones and the ether tokens everyone is buying won't be used for much except trading.