Ethereum Price and Technical Market Analysis May 28th, 2020

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Ethereum Price and Technical Market Analysis May 28th, 2020

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  • Buyers fixed above the mark $206.
  • After breaking the mark $216, buyers claim for the test of $250.
  • Volumeless attempts to fix above $216 will lead to activization of sellers and test of $196.

During the previous two days in Ethereum market, buyers defended their right to continue to grow. Keeping the global trend line on 26 May, buyers managed to start a sharp counterattack. As a result, the growth of Ethereum price for the previous two days was almost 6%. Buyers managed to fix above the local mark $206, which we wrote about in previous analyzes. Consequently, today buyers are trying to conquer the last critical point, which has already sent the price for correction three times. This is a mark $216.

Trading volumes during the previous two days in Ethereum market remain average. So, buyers need a boost, without which sellers will again be able to test the mark $196. During the previous two days, market purchases were bigger than market sales. However, on 26 May, during the dominance of sellers, market purchases were 50.1%, and during the activity of buyers on 27 May, they were 57.8%.

In terms of horizontal volumes, we see that the first local liquidity zone above $216 is concentrated in the mark $225. Fixing above this mark will be an additional signal to continue to grow to our first target $250.

In the 4-hour timeframe, it is clearly visible how after Ethereum price fixing above the mark $206, buyers sharply continue to grow:

Ethereum Price and Technical Market Analysis May 28th, 2020

Looking at the closure of the last 4-hour candle, buyers intend to confidently continue to grow. So far, sellers are not offering the necessary resistance, except a slight slowdown in growth. Therefore, the end of the working week in Ethereum market is planned for the benefit of buyers.

In the chart of Ethereum dominance, we see a continuation of the consolidation indicator near the mark 9.22%:

Ethereum Price and Technical Market Analysis May 28th, 2020

If the active growth of BTC continues – the strength for a confident growth of Ethereum price won’t remain and the consolidation may continue around $216. In this case, the scenario of $216 retest will work out. So, let’s see how strong ETH buyers remain during the attack of $216.

According to the wave analysis in Ethereum market, buyers continue to form a wave (V), which in turn should complete the global wave (Y):

Ethereum Price and Technical Market Analysis May 28th, 2020

From this point, the correction of the growth wave may begin from 13 March, so we will closely monitor the price in the range $250-270. We will meet on Saturday and summarize the trading in the market and the probable scenario of Ethereum price movements next week. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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