Ethereum price is stuck in the local range $127-133.
Unlike Bitcoin, Ethereum buyers failed to test their critical price range $138-145.
Despite slowing of the falling trend, the initiative continues to be in the hands of sellers.
The beginning of the trading week in Ethereum market began with the price lowering. The growth attempt in 22 December began on low volumes. Although to achieve the result in the face of such an important price range $138-145 catastrophically requires aggressive steps with increased volumes. Today, buyers have decided to try to move beyond local consolidation. But they only managed to form a false breakdown. The local range $127-133, in which Ethereum price has been trading for 5 days, does not allow buyers to even touch the critical price range $138-145.
It shows that buyers are not ready to start a strong growth trend. At 4-hours timeframe it is noticeable that the attack of buyers is extremely easy change to counter-attack of sellers. And buyers managed to keep the price only at the bottom limit of the local consolidation. Comparing the success of Ethereum coin buyers with the success of Bitcoin buyers, we can see that the results are different. Bitcoin buyers have aggressively tested their critical range. They don’t allow to lower the price below conquered territory. It indicates that investors are more interested in Bitcoin at the moment.
Despite yesterday’s price lowering, the marginal positions of buyers have increased and have the prospect of continued increase:
Sellers continue to close their marginal positions and move in the black falling channel:
According to the wave analysis, buyers managed to correct the fall wave from 27 November by 50%. However, given the global fall, the current buyers growth attempt does not present any threat of a trend change:
Yes, the fall is suspended and Ethereum price range is decreasing. However, there is a lack of signals from buyers who do not yet dare to even test the main critical point of this coin.
In general, after the closing of the previous week’s candle with a big pin, high hopes for this week’s buyers counter-attack:
Nevertheless, as we can see, the previous pin has succeeded in stopping the pace of sellers, but did not change the market situation.
Let’s see how the local consolidation in the range of $127-133 will end.
Image Courtesy: TradingView