Buyers managed to test the critical price zone $138-145.
Unless buyers increase aggression and volume in the market, black wedge consolidation will continue.
After fixing above the mark $148, the final target of buyers is $210 with a temporary stop at $167.
Long enough, with deep correction and suffering, however, buyers have still reached a critical point in Ethereum market, namely the price zone $138-145. And they did not just get there, but confidently entered this territory; practically tested the upper trend line of the black wedge. The situation remains tense as buyers, by raising Ethereum price to a critical point, have taken the opportunity to break the global trend of sellers. It has existed for half a year.
The most interesting thing is just getting started, where the price will go – up or down. We did not notice much efforts by sellers to stop growth in Ethereum market. Yesterday’s candle closed with a hint of continued growth. Today, having come across sellers’ limit orders at the price $144, sellers are not trying to aggressively impose their game.
At the 4-hour timeframe, we see that buyers have tried today to get out of the usual growth channel, which is more like consolidation at an angle:
However, sellers have been able to get back Ethereum price within this channel. During the unsuccessful attempt to break through the price range of $138-145, sellers will move the price down to the mark $130 where the bottom trend line of the current channel passes.
Margins of buyers after the local high test continue to decrease:
Although, the decrease of buyers’ marginal positions within 4 days is less than their increase since 2 January.
Sellers for the second day are trying to increase their marginal positions. It is basically logical, because Ethereum price has reached a critical point, from which usually reflected:
According to the wave analysis now we will see whether the wave (c) has completed its formation. Or whether the current growth attempt is another correction before the new low is updated:
If Ethereum price is fixed above the mark $145, the next stop is possible at the mark $167, continuing its growth to $210.
Nevertheless, for such growth, buyers need to show more serious volumes with aggressive candles on a weekly timeframe. Let’s see how the situation on Ethereum market will change on Thursday’s new price movement analysis.
Image Courtesy: TradingView