A difficult and emotional week is coming to an end. It’s time, to sum up Ethereum trading week and forecast the likely weekend price movement. In the previous analysis, we mentioned the local price range of USD 168-170 and expected its test by the end of the week. Sellers have managed to do this task, but so far only in test form. On the daily chart, we see the pin, which currently occupies half of the total candle. Since today’s fall was on normal volumes, the pin on the daily timeframe does not signal buyers to change the local trend.
We can see the same picture on the 4-hour timeframe:
As you can see, Ethereum buyers were able to close the candle with a large pin down. But if we talk about volumes, they certainly increased, but not such, which are necessary for the attack. It seems that a minority of sellers have continued the attack and the majority remained apart. After such a pin, buyers did not take the situation into their own hands and on low volumes decided to find their happiness.
Therefore, at the weekend we will wait for another attempt to break through and fix under the price mark USD 168. It will give us an understanding of the distribution of forces in this price range.
Although, not so aggressively but buyers continue to close their marginal positions:
Sellers continue to get involved in local consolidation and during today’s fall, sellers’ marginal positions have increased:
According to wave analysis, the global target continues to be in the price range of USD 1350. However, looking at the local timeframe, we see that in the current fall, the wave (c) = (a) in the price range USD 168-170:
The critical point for sellers will come when buyers are able to fix above the USD 181 mark, and anything below is allowable for price corrections.
Let’s see on Sunday whether sellers take down a notch and whether they can get to USD 155 – an important liquid zone, which we have marked in yellow! Meet you here on Sunday in Ethereum weekly analysis. Have a great weekend!