Buyers managed to keep the price range $138-145 under their control.
The trend of sellers continues to move in the wedge, which indicates their weakening.
A local critical point for Ethereum price growth is $170; global critical point is $232.
During the last Ethereum price trading week, sellers again managed to test the purple price zone $138-145. Compared to 22 November’s breakthrough attempt, the current local attack is much more passive in terms of candles and volumes. During yesterday’s and today’s attempts to break past $138-145, sellers failed to update the local low, which was set on 12 December. This is another fact that confirms the weakness of sellers.
From 25 November to 29 November, buyers organized a 20% correction of the previous fall wave. Sellers in response to this correction were slowly lowering the price within 2 weeks. At the same time, they failed to even test the low set on 25 November. Therefore, we believe that the correction of the fall wave from 18 November is still incomplete.
Despite the unsuccessful attempt to break through $138-145, buyers are planning to grow to the upper trend line of the black wedge:
Looking at the mood of buyers on the weekly timeframe on the chart of marginal positions shows that the activity of increasing positions, as in the case of Bitcoin, is not recorded:
But this week, sellers have an important achievement. The chart of marginal positions recorded an update of the historical low. It indicates the complete uncertainty of sellers in this situation:
Looking at the picture more globally and taking the fall wave of June 2019 as a correction to the previous growth wave, then the last local wave (V) of the global falling impulse is now coming to an end:
If buyers still keep the price zone $138-145, then the critical point for global growth will be $232.
Considering that the fall wave of June 2019 corrected the previous wave of growth by 61.8%, which is a fairly deep correction, the probable final target of buyers is $330.
Therefore, when Ethereum price goes beyond the black wedge, we will receive the first signal for the medium-term growth with the first target $233. After fixing above this mark, the way to $330 is free. Let’s see if buyers will be able to implement at least part of our scenario. And as early as Tuesday, we will analyze the local situation on Ethereum market for a new week.
Image Courtesy: TradingView