Despite Bitcoin situation where sellers have been able to turn things around in their favor, Ethereum buyers have stopped falling on the global trend line, which has been keeping from sellers attacks since December 2018. Essentially, sellers have now tested the bottom line of consolidation, which began after a sharp fall. And it will be deciding now whether the current fall is a new wave of price movement in the triangle, or whether a new impulse has fallen after the monthly consolidation:
As we see on the daily timeframe, buyers have failed to fix over the critical price mark of USD 225 for the month:
Analyzing volumes, we see that Ethereum sellers have not yet started an aggressive attack. They are testing to the limit of buyers.
Starting from 26 June, trading volumes have been systematically reduced, as the price fluctuates.
Buyers’ mood has deteriorated over the last few days, and it is noticeable in decreasing marginal positions:
However, this decrease does not look panicky yet. The sharp closing of the positions will start after breaking USD 200 and sellers fixing under the blue trend line.
Sellers marginal positions continue to move in consolidation and their mood is not straightforward:
According to the wave analysis for the month of consolidation, buyers were able to correct the fall wave from 26 June by only 23.6%. A weak correction, which, as the fall continues, will prophesize a strong wave of fall to the price mark USD 135. It is when we speak about a global outlook. The first major problem for Ethereum sellers will be USD 175:
We clearly see on the weekly timeframe the 4th week of consolidation between two critical points:
On the one hand, sellers have fixed below USD 225 and have been demonstrating it to us already for the 4th week. On the other hand, buyers are keeping the bottom trend line. Let’s see how next week candle closes. And will sellers have a chance to build up their influence next week and test USD 175? See you on Monday!
Charts Courtesy: TradingView