Sellers were able to break through the important price range of $138-145.
The global target of sellers is $115.
The systematic reduction of trading volumes throughout the year can give rise to a new powerful wave of growth.
It is extremely easy for sellers to win every victory for critical points in the Ethereum market. This time, an important trophy in the form of a price zone of $138-145 went to sellers almost without a fight. After a small stop of Ethereum price in the purple range, sellers on medium volumes were able to move beyond the price zone. This simplicity is frightening and makes us wonder that not many buyers are in Ethereum market. Pay attention to the volumes of trading as they decrease in proportion throughout the year:
Moving past important critical points with minimal volumes is more like deception, which at any moment can turn to the truth in the form of a sharp counter-movement of the price.
The 4-hour timeframe looks attractive enough to continue the local fall:
Sellers’ confident candle seems anomalous for this timeframe volume, which is closed with practically no pin, giving a great chance of the fall continuation with the final target of $115.
With regard to the chart of marginal positions of buyers, the situation looks clear that positions will continue to decrease:
Pay attention to counteraction which buyers organized to the previous wave of closing of the marginal positions. It is not a defense at all, it is a small stop.
Sellers have steadily increased their marginal positions today. However, there is no talk of an uptrend yet:
According to the wave analysis, the current fall wave, which started on 24 June, has already corrected the previous wave of growth by 61.8%. And now it is confidently moving to the next level of Fibonacci 78.2%:
At the price mark $115, buyers will have another chance to show themselves and try to impose their game, continuing growth from December 2018.
In any case, breaking an important range does not mean fixing below it. Of course, the initiative clearly still belongs to sellers, but we will give at least a day for buyers move. Will buyers allow to continue the fall so easily? We will see on Wednesday.
Image Courtesy: TradingView