• The threat of the fall continuation to $115 is possible after Ethereum price will fix below $135.
  • Marginal positions of buyers have completed their fall, but the improvement of the mood of buyers is not felt.
  • If buyers keep the lower limit of created triangle then we will expect the formation of a wave (e) with a target $150.

The initiative of Ethereum buyers ended with a failure yesterday. After the formation of the candle from 8 December, buyers have created all the conditions for continued growth except the corresponding volumes. Therefore, during 9 and 10 December, sellers quietly broke the beginning of the upward trend. Now, they are moving towards the price mark $143. In general, Ethereum price is in the purple range and buyers are still safe. To continue falling to $115, sellers need to drastically increase volumes and fix below $135.

The 4-hour timeframe shows that sellers are limiting price growth with the blue trend line. And the current consolidation range is limited by 5%:

Ethereum Price and Technical Market Analysis 11th December 2019

Crossing the blue trend line which is now near the mark $150, buyers will show that they are ready to build a new wave of growth. So, now we have two critical points: $143 and $150. For a clearer definition of the further scenario, it is worth waiting for the reactions of market participants in these marks.

As for the mood of buyers, the question here is quite complicated:

Ethereum Price and Technical Market Analysis 11th December 2019

As we can see from the chart of buyers’ marginal positions, the dynamics of the fall stopped. And now the consolidation has started, which is more like a stop before the fall continuation.

Having tested the bottom line of global consolidation, the margins of sellers from yesterday began to increase:

Ethereum Price and Technical Market Analysis 11th December 2019

Looking at volumes and nature of the price movement, the continuation of consolidation within the formed triangle is the most realistic scenario.

According to wave analysis, buyers have every chance to retest the blue trend line by generating wave (e):

Ethereum Price and Technical Market Analysis 11th December 2019

If buyers fail to fix above $150, the next wave of fall should confidently break through the purple range with a final target of $115 and a temporary stop at $130:

Ethereum Price and Technical Market Analysis 11th December 2019

Therefore, we look forward to the end of the trading week in Ethereum market. On Friday, we will see whether one of the parties has managed to get closer to our critical points.

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: TradingView
Comments are closed.

Check Also

Ethereum Price and Technical Market Analysis January 25th, 2020

Recently, sellers had unsuccessful attempt to fix below $160. Buyers continue to actively …