Ethereum buyers have a good result at the end of the trading week. We want to highlight a few important facts about this coin which in our opinion give the prospect of growth continuation. Breaking through and fixing above the price mark of USD 200 is a good signal for buyers who have lost control of this price mark since 14 August. This price mark should be a good foundation on the way to USD 240 and USD 270.

We also noticed that during the test of USD 200, trading volumes increased twice. So, with the current price correction, the volumes are much smaller than during growth:

Ethereum Technical Market Analysis 22nd September 2019

It indicates that demand is now higher than the supply.

Despite the pin being formed on the weekly timeframe, buyers have been able to form a tall green candle. It shows us a price increase of almost 20 percent. The only problem that is noticeable on the weekly timeframe is the volume level, which does not match the size of the current candle:

Ethereum Technical Market Analysis 22nd September 2019

Throughout the week, the marginal positions of Ethereum buyers are in consolidation, keeping everyone intrigued:

Ethereum Technical Market Analysis 22nd September 2019

Sellers also do not want to be clear about their mood. They continue a long consolidation of their marginal positions since April 2019:

Ethereum Technical Market Analysis 22nd September 2019

According to the wave analysis, buyers have corrected the fall of 27 June by 23.6%. Now, they are trying to fix above this level in order to continue their growth to USD 240:

Ethereum Technical Market Analysis 22nd September 2019

The price mark USD 240 is the next level of Fibonacci 38.2%, which can be a problem for Ethereum buyers for a while.

However, if we consider the current growth locally, not as a correction but as an impulse wave, then now, the third wave of local growth is forming. It should be corrected not lower than USD 210. After which the global termination of the current wave of growth may end at a minimal price of USD 240 and maximum in the yellow price zone:

Ethereum Technical Market Analysis 22nd September 2019

Therefore, we believe that the growth of this coin is not yet complete and the main task of Ethereum buyers is to prevent the price from falling below USD 200. We think that next week should be interesting and full of struggles. We will see on Thursday whether sellers will have enough force to test USD 200 again. Have a profitable next week and a good mood!

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Charts Courtesy:TradingView
Comments are closed.

Check Also

Bitcoin Price and Technical Market Analysis 10th December 2019

An unsuccessful test of $7,550-7,800 in the Bitcoin market caused a sharp counterattack of…