After our last analysis of the Ethereum market, sellers were able to reach two important targets. Just two days was enough for sellers to break through the price range of USD 155-160 and test, in our opinion, the final range USD 135-140. In a total of two days, the Ethereum price fell by more than 20%. Of course, it is a serious fall, but note how long sellers have been preparing for it. The daily timeframe clearly shows that for such a sharp fall in the Ethereum market, sellers had to increase their volume during the month, starting from 26 October.

At the 4-hour timeframe, we see that the buyer’s resistance still started in the yellow range of USD 155-160. But the main strength buyers saved to stop the price in the range USD 135-140:

Ethereum Price and Technical Market Analysis 23rd November 2019

Notice how aggressively on 22 November, buyers responded to sellers on their attack. As a result, the Ethereum price is now consolidating below the price zone of USD 155-160. Everything looks like on Sunday buyers will try to regain control of this price zone and create a big false breakdown.

This false breakdown will signal to other buyers and with the closing of the weekly candle above USD 160 a new week may start with a price growth up to USD 200:

Ethereum Price and Technical Market Analysis 23rd November 2019

Yesterday, buyers’ marginal positions went beyond the black wedge limits:

Ethereum Price and Technical Market Analysis 23rd November 2019

Today, buyers are less aggressive in their decisions. Nevertheless, if sellers manage to keep the price below USD 155 this week, the tendency to close buyers’ marginal positions will continue.

Sellers, by contrast, have become more active today and are ready to increase their positions:

Ethereum Price and Technical Market Analysis 23rd November 2019

By the wave analysis we see that the current wave of fall in proportions is almost identical to the previous one:

Ethereum Price and Technical Market Analysis 23rd November 2019

As you can see, for the whole, sellers lacked the identity to lower the price by USD 3. Based on the levels of Fibonacci, as presented above, as long as the price is below USD 157, sellers have an initiative in Ethereum market and the test of USD 136 remains real. To clarify the situation, it is important to analyze how the weekly candle will close.

Therefore, on Monday, we will summarize the trading of Ethereum price for the week and determine the main scenarios of price movement. And now we are following buyers try to break this fall and fix above USD 160.

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