The week is coming to an end and it’s time to analyze the Ethereum coin price movement. And we will see if our main scenario remains valid. Almost all week sellers monitored the market and confidently lowered the price every day. With the exception of Monday. On Monday, sellers were still hoping for a repeated test of the upper trend line and probability to break it.
However, on Tuesday, the trend line of buyers did not withstand and sellers began their game. As a result, the price stopped at USD 168 and is already slowing down for the third day. But the price again is approaching to break this mark again. Sellers still have the initiative and they probably will be able to break through USD 168 and continue their journey to USD 155 at first.
Weekly timeframe is also not on Ethereum buyers side:
As we can see in the past week, sellers have completely covered the previous week’s candle of buyers. In such a way showing that they are not ready to give the initiative yet and the maximum they can allow is a rebound.
We also see on the weekly timeframe that since August 2019, sellers have been unable to fix below USD 168. The maximum of sellers is false breakdowns. Therefore, an alternative scenario is the continuation of the trade between USD 168 and the upper black wedge trend line, which now near the price mark of USD 184.
The mood of buyers remains a mystery, as the chart of buyers’ marginal positions looks uncertain on a weekly timeframe:
As we can see this week, buyers were the most passive. In general, the price is now near the upper trend line of the blue channel. Despite the passivity of buyers, there is a high probability of a sharp decrease in positions, which will lead to a test of the price mark USD 155.
Sellers have been trying to increase their positions this week, but it looks uncertain when there is such an aggressive candle on the side:
According to the wave analysis, we see that the current fall tends to correct the growth wave from December 2018 by 78.6%:
Although, if you look at the fall wave from 27 June in more detail, you can see that the main critical point is in the price of USD 153. It will show whether Ethereum sellers can continue the formation of the wave (Y).
So next week, we continue to wait for sellers to show what they are made of and the price fall to USD 153-155. We hope to see the greedy eyes of buyers buying Ethereum at this price. And in the course of the week, we will correct our targets in case of unexpected price movements. Keep your hand on the price pulse with us!