Ethereum price continues to be near the critical price range $138-145.
In the second half of last week, buyers started a growth attempt which is still going on with a local target of $171.
With each new local low, trading volumes in Ethereum market decrease, indicating a close completion of the trend of sellers.
Last trading week on Ethereum market ended with the candle closure at the price mark $151.41. Buyers have not had the strength to fix above $155 and to signal market participants to continue growth next week. In return, the weekly candle closed at about the same range as the previous one, hinting that buyers still have not enough strength to counter-attack. Last week’s total Ethereum price range was 8%, but mostly the price was trading in the narrow 3% range.
Last week began with the price decrease, but on Wednesday, by testing the purple price zone $138-145, buyers have broken this local trend, however, steadily buyers managed to update local highs. And at 4-hour timeframes, there began to emerge a growth trend:
Therefore, the closing of last week’s candle shows unclear relationships between buyers and sellers and the likely continuation of consolidation. Moreover, after the vertical fall of Ethereum price on 18 November, the market should recover and calm down for the next vector movement.
Buyers’ marginal positions were in place almost all last week, without creating acute situations:
The trend on the chart of sellers’ marginal positions is moving towards a decrease in positions. This despite the fact that on the chart, marginal positions are on historical lows:
According to wave analysis, considering how buyers stopped the fall on 4 December, we can conclude that wave (iv) correction is not yet complete and buyers have a prospect of moving up to $171. Testing this mark, buyers will correct the previous wave of fall by 61.8%:
Considering the structure of the fall wave from the end of June 2019, we can see that the fall is clearly slowed down both by the aggressiveness of updating local lows and by the use of volumes:
Buyers have a chance to reverse this six-month trend if they keep the price zone $138-145 and fix above $171. Let’s see if buyers take any steps to achieve this target this week. Otherwise, we are waiting for the continuation of the movement in the black wedge and the test of the lower trend line at the price $116:
Image Courtesy: TradingView