During the last two days a drastic changes concerning Ethereum price movement happen. After breaking through the black trend line of the wedge, buyers were not very confident at first. But at the moment buyers are firmly fixed over $200 and are moving up to the $240 which we wrote about in the previous analysis.
Comparing the price chart of Bitcoin and Ethereum, we can see that Ethereum buyers are much more confident and purposeful. As Bitcoin price continues to move in consolidation and buyers are unable to fix at least above the price mark $10,300, Ethereum buyers are confidently updating local highs.
In terms of volumes, the daily timeframe clearly shows that they have increased almost twice in the last two days:
However, it is not reflected in the weekly timeframe, where the systematic volumes reduction continues. It will be interesting to analyze whether the volume situation will change by the end of the week, but we will talk about it later:
Despite the small volumes, the weekly candle should scare sellers. Though, for the same continuation of growth and breakthrough of $240, the current volumes will not be enough.
We want to dilute this positive note with a chart of buyers’ marginal positions. Where we can see that positions have reached a certain limit, from which they began actively to close from 24 June:
At the moment, buyers are trying to close their marginal positions for the second day.
Sellers have a stable consolidation on the chart of marginal positions:
According to the wave analysis, Ethereum buyers corrected the previous fall wave by 61.8%. Nevertheless, it is a local wave of fall, which in turn is part of the falling impulse from 26 June. In this case, at a price of $240, buyers will correct this impulse by 38.2% and should receive serious resistance from sellers:
Half a week behind. Let’s see how buyers manage to end this working week. Meet you on Friday for a conclusive analysis of price movements. We wish you a good mood and good profits!
Image Courtesy: TradingView