The situation on Ethereum chart remains consistently calm, Ethereum price stands still. The new week started without special changes. Buyers and sellers continue to clarify their relationship in consolidation which has formed under important price mark $200.
Yesterday’s daily candle completely covered achievement of buyers and in the trend movement it would be a clear signal of sellers domination in the market and of the fall continuation.
However, in our case today, buyers have no problem with organizing a counterattack. Also, as we see on the daily timeframe after the candle from 26 October, which showed that there are sellers in the market. They will not allow to manipulate the price without much volume. Buyers carefully guard their trend line, thereby pushing the price up and preparing for another test attempt and a breakdown of $200.
According to the local triangle which has formed, the range of price consolidation will end by 22 November. So, probability of a passive price movement by the end of the week is quite high.At the 4-hour timeframe, the aforementioned triangle is quite noticeable.
And given the fact that this triangle was created after wave of growth above the black wedge, the probability of breaking it up is higher:
Therefore, we are expecting the test of $200 and we want to see the sellers’ behavior in this mark. And we want to know whether there are prospects for buyers to continue Ethereum price growing.
After an attempt of buyers to get out of the growth channel on the chart of marginal positions as early as the second day, buyers close their marginal positions. We continue to think that the prospect of continuation of positions decrease is quite big:
Sellers, by testing the bottom line of consolidation on the margins chart, are trying to continue moving towards global consolidation and increasing their marginal positions. Although, so far they do it with uncertainty:
According to the wave analysis, we see that sellers have managed to correct the growth by 38.2% since 25 October. If the consolidation, which is now formed, will shoot up, buyers will be able to compete for $200 and try to test $230:
The last chance for buyers to break consolidation down is the price mark $180. If buyers do not keep this price, the continuation of the fall will easily continue to $169.
We will see if we can finish Ethereum’s price stop this week. We will see whether market participants will give us signals for action. See you on Thursday!
Image Courtesy: TradingView