Fear often triggers panic, especially when caused by an incomprehensible event or situation. However, if you find bearings in time and collect yourself, then you will immediately have a chance to remedy the situation. The previous week ended with attempt of Ethereum sellers to continue their journey inside the black wedge. Sellers tested the upper trend line of this wedge. Then, they were able to sharply lower the price in the range of the previous local high.

Although, buyers were able to keep the price at this level:

Ethereum Technical Market Analysis 14th October 2019

As you can see in the 4-hour timeframe, in the past in the local price range of $177-180, the price slowed down. As a result of it, consolidation was formed. We will not say that the forces accumulated by buyers in this consolidation are big enough, because, it lasted for 2 days. However, it could not be enough to stop the sharp fall. And also create another chance for buyers to test the upper trend line of the wedge. Nevertheless, in this case, we would like to highlight not the strength of buyers, but rather the weakness of sellers who actually stopped their pressure.

Pay attention how was the volumes distributed during the price fall:

Ethereum Technical Market Analysis 14th October 2019

Initially, we see a sufficiently powerful red candle on increased volumes, after which a passive candle is formed on smaller volumes. The attack ends with a third candle, which tests the price mark $177 on even smaller volumes. And after an unsuccessful attempt to update the local minimum, sellers felt that it was time to begin their game.

Considering that buyers have been able to get out of local consolidation, the closer problem which awaits them is $190-193. After the previous attack by buyers, a sales zone has been created in this price zone. And if buyers come there by inertia but not with volumes and a desire to break a wedge, then it will only be confirmation for sellers that it is possible to continue falling with a target $155.

So far, the mood of Ethereum buyers is not combative. It is evident on their marginal positions, which decrease as the price increases:

Ethereum Technical Market Analysis 14th October 2019

Sellers have a similar situation, but differ in the fact that the marginal positions of buyers are at historical highs, and sellers at historical lows:

Ethereum Technical Market Analysis 14th October 2019

According to the wave analysis, we see that sellers corrected the wave of growth, which started on 26 September by 38.2%. Inasmuch as the trend line of buyers is not broken, considered that the wave of growth completed, is not correctly. Therefore, we expect a new attempt from Ethereum buyers to break through the upper line of the wedge. On Wednesday we will be guided by the situation, which are the chances of buyers to break this 3-month price fall.

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