Despite Ethereum price grew by 8%, buyers were unable to fix above $145.
Low volumes and buyers mood significantly reduce the probability of breaking the black wedge trend line.
Sellers will be able to continue their growth with targets $121 and $107, while keeping the mark $145.
The weekly price movement in Ethereum market ended with the growth by 8%. Buyers did not manage to fix above the price zone $138-145. But the weekly candle closed perspectively, practically without a pin. It should inspire buyers to continue buying this coin. In addition to the critical price zone, Ethereum price is now near the black wedge upper trend line and is mysteriously consolidating. Attempt to break through this trend line are on low volumes, reducing the probability of continued upward movement.
If we analyze the nature of fall and growth of Ethereum price since November 2019, we can see clear confident price movements down and slow, lazy correction movements up:
The current growth attempt is no different than the previous, neither in volume nor aggressiveness. It confirms that the black wedge is less likely to be broken up in Ethereum market.
Therefore, despite the rather vigorous weekly candle, there are more facts for the local price reversal and the test of $133, where the critical point passes now.
Marginal positions of buyers decreased not so aggressively this week as we saw in Bitcoin chart. But the prospect of decreasing positions is quite big:
As we can see now, the indicator of buyers margins is at the top of the channel. And buyers have not been able to update their previous high in two weeks.
Sellers for the second week are recovering from aggressive position decrease and historical low update. They are trying to increase their positions:
It is too early to talk about the confidence of sellers and the prospects of increasing their positions at the same time.
According to the wave analysis in Ethereum market, buyers failed to fix above Fibonacci level $0.618, despite the good last trading week:
The critical point is under control of sellers, so continuation of Ethereum price growth is still an alternative scenario. If sellers keep $145, then the falling targets are $121 and $107:
In the alternative scenario and fixing the price above $145, the final target is $210 with the price stop at $170.
Image Courtesy: TradingView