Buyers had a positive Friday, 14 September. The day candle closed above the USD 185 price mark and set a local high of almost USD 190. After an unsuccessful attempt to break the local growth trend for 3 days, Ethereum sellers let buyers into the consolidation zone, where the fight was for two weeks since 15 August.
Although, we do not see a positive dynamic concerning volumes on the daily timeframe. But, it is clear that buyers are dominating in this price range. The next local target of buyers is USD 200. Since 16 July, sellers have had serious problems with this mark, which they have been resolving until 19 August. Therefore, you can confidently consider this price mark locally critical point from which to expect price corrections.
On the 4-hour timeframe, we can see the regularity of price trading in a black wedge. Where buyers and sellers can clarify their relationship maximum by 18 September:
Buyers tried to break through the upper trend line of the wedge, but the strength was clearly not enough. Pay attention to volumes with the help of which buyers are trying to accelerate the price growth. After breaking through USD 185, each subsequent local high was updated at lower volumes. It looks like buyers forces are coming to an end and the price needs correction. Let’s see whether buyers control USD 185.
Yesterday, Ethereum buyers significantly increased their marginal positions by exiting from the consolidation zone:
The mood of buyers is clearly more confident and positive than sellers who are not trying to respond to price movements. At least, it is evident in their marginal positions, which fade away:
According to the wave analysis, the new buyers attack, which started on 6 September, continues. Buyers are trying to fix above the next level of Fibonacci 0.618, which is USD 188 price mark:
After fixing the price above this mark, the buyer’s path to USD 200 should be easier. Globally, there is a correction wave fall now, which ended on 29 August, and at a price of USD 200, Ethereum buyers will correct this wave by 50%:
If buyers manage to pass the price mark USD 210, the price can quickly reach up to USD 236-240. Therefore, we see good prospects for buyers if they keep USD 183-185 and increase their trading volumes. On Tuesday we will analyze the closing of the weekly candle and whether the price will reach our critical points. Have a nice day and keep your finger on the pulse of price with us!
Charts Courtesy: TradingView