Buyers managed to keep Ethereum price above the price mark $138.
On 10 January, buyers raised the price by 5% and covered the fall of the previous three candles.
Buyers need to fix above the mark $145 to continue their growth.
After buyers’ attempt to move beyond the important price range $138-145 up on 8 January, sellers became more active in Ethereum market. For 2 days, sellers tried to fix below $138. But on 10 January, buyers were able to completely cover the fall of Ethereum price over the previous 3 days, thanks to one daily candle. The sharp one-day reversal was after the upper limit test of the previous local consolidation. It lasted from 18 December to 5 January.
On the one hand, it appears to be a decisive step for continued growth, but the main local scenario is continuation of consolidation in the range $138-145. As we can see from the volumes on the daily timeframe, buyers act passively and turn off the initiative button during the test of local highs, reducing the volume of pressure.
It is clearly seen on the 4-hour timeframe:
In addition to the price range $138-145, buyers have a problem in the form of the black wedge upper trend line, which they tested on 8 January.
So far, buyers are keeping Ethereum price in the growth channel. Losing the initiative of buyers will be considered as sellers fixing below $133.
Analyzing the weekly candle, buyers seem to be disappointed:
The good signals in the form of three previous weekly candles with pins down did not add confidence to buyers for an aggressive start to growth. Of course, this week the price rose to 9%.
Nevertheless, after 6 days of closing marginal positions, for the second day buyers started a new stage of their increase:
Meanwhile, sellers are not particularly responsive to the change of Ethereum price. And they continue to determine their mood on the chart of marginal positions:
Wave analysis in Ethereum market decides whether the wave (c) has completed its formation. The critical point of this decision is at the mark $145, where is Fibonacci Level 0.618:
In general, the situation is uncertain and on Monday we will analyze the closure of this week’s candle. We will forecast the most likely scenario of next week’s price movement.
Image Courtesy: TradingView