For the second day, buyers are trying to nail down a success of growth on 18 December.
A sharp 16% growth of Ethereum price began after false breakdown of the local mark $122.
A critical point to start global growth is $142.
Today is a fairly quiet day in Ethereum market. After the black wedge bottom trend line test, buyers noticeably revived and completely covered sellers’ previous daily candle. However, if we compare the aggression of Bitcoin buyers, we can see that they failed to even test the main critical price zone $138-145. Although, 15% Ethereum price growth in one day is a good result.
Analyzing the weekly timeframe, we can see that no special volumes were recorded this week:
The weekly candle is half consists of the body and half of the pin. If buyers manage to close a weekly candle in the range $138-145 – then the whole next week can be very positive for buyers, with the first target $170.
If we analyze in detail the change of forces in the market, the 4-hour timeframe shows that the sharp price reversal began after breaking the local price mark $122:
Pay attention to how initially sellers approached this mark. Look how aggressive candles with high volume moved into normal consolidation without volumes. After a false breakout, buyers began their attack. If we recall our previous analyzes, the main target of ending the fall was the mark $115. Sellers lacked $1 of price lowering to satisfy our scenario completely.
Buyers margins unexpectedly increased, though everything seemed they will continue to close:
After two successful days in the chart of sellers’ marginal positions, the upward trend has not formed. It is unlikely that during Ethereum price growth, sellers will increase their margins:
In the wave analysis we decided to change the structure of the falling wave and divide it into 3 waves:
Thus, we see that the wave (c) = 0.618 * (a). The critical point for global growth continues to be in the purple range, at the mark $142. This mark passes Fibonacci Level 0.382.
In addition, the upper black wedge trend line also passes near this price mark. In theory, the fall wave from 24 June is coming to an end. However, practically buyers have to prove their intentions with volumes and fixing above the mark $142. Let’s see on Sunday how the daily candle closes. And if there is any buyers power left for a decisive battle.