The hope for a good vector movement of Ethereum at the end of the week is dying little by little. The local consolidation from 15 August and the global price movement in the black wedge which began from 16 July continues to intrigue market participants. To all this, we add quite low volumes, under the influence of which we see such a sluggish price movement.
After previous growth, buyers have set the bar in the price zone of USD 195-200. This time, buyers only managed to touch the previous price zone. Although buyers look weak now, they allow such deep corrections as a sign of weakness. Ethereum sellers have not yet proven that they are ready to continue the fall. While the price mark USD 184 is under control of Ethereum buyers, the local initiative is still on buyers side (though it is noticeably changing towards sellers).
However, globally, sellers continue to monitor the blue trend line, which buyers kept for half a year and did not keep on 14 August. Therefore, our main scenario of the fall continuation that we discussed in the previous analyses, is still relevant.
Marginal positions of buyers stood still in anticipation. Nervous pessimists close their positions, and nervous optimists, on the contrary, open and increase them:
All the others are politely waiting for a sure signal from the market in the form of a black wedge breakdown.
The mood of sellers is all stable. For now, their index is near the upper limit of 4-month consolidation. Nonetheless, globally, the position of the sellers remains at historical lows:
According to the wave analysis, the targets remain unchanged. After the first problem of Ethereum sellers in the price mark of USD 175 (38.2% Fibonacci level), consolidation began. And after breaking that price mark, the following targets are possible USD 155 and USD 135:
If buyers start to panic and close their positions sharply, then the final target may be lower, around USD 76.
The week candle does not give us any clues, but in the last hours of today’s candle a miracle may happen:
So, we are finishing this week and tuning in to good price movements in the next one. Meet you on Tuesday in Ethereum analysis!
Charts Courtesy: TradingView