The price mark of USD 155 is still the maximum that Ethereum sellers can achieve in their attacks. After an uncertain test of this mark, the daily candle of sellers closed for the most part as a pin, indicating the interest of buyers in this price zone. Such a sharp change in the price movement without a special period of accumulation of forces indicates that we have formed a clear consolidation corridor with the limits of USD 155-200.

In fact, a 30% corridor for trading is a pretty good discovery for a trader. Buyers took the initiative and without any problems tested the upper limit of consolidation. Now, they are trying to close the daily candle above the black wedge trend line. If buyers are not able to do it this time, the trend of sellers is still weakened. It is clearly evident from the last two attempts to update the local low:

Ethereum Technical Market Analysis 26th October 2019

Pay attention to the volumes sellers were trying to pass the long price zone for the first time and the volumes for the second time. Buyers, on the contrary, after the first attack of sellers started consolidation and rather weak local growth trend. And this time they responded to sellers rather aggressively and rigidly. Therefore, after the current growth, the probability of breaking the price mark USD 155 and the fall continuation to USD 135 has decreased a lot.

The distribution of buyers efforts to continue growth is clearly evident on the daily timeframe:

Ethereum Technical Market Analysis 26th October 2019

The main resistance sellers met at the breakdown of the black wedge line and the test of USD 200. Therefore, to break the consolidation, Ethereum buyers need to keep a price mark of USD 180, after which they can storm USD 200 again.

The chart of marginal positions of Ethereum buyers is quite different from Bitcoin chart:

Ethereum Technical Market Analysis 26th October 2019

As we can see, buyers are increasing their positions and believe in the growth continuation. Does it mean moving assets from one coin to another?

Sellers behave naturally and massively close their marginal positions:

Ethereum Technical Market Analysis 26th October 2019

The importance of fixing above the price mark USD 200 is confirmed by the levels of Fibonacci, which shows that in this price mark passes the last strong level, after which the buyers’ way to the mark USD 234 is free:

Ethereum Technical Market Analysis 26th October 2019

Let’s see how the weekly candle closes. On Monday we will correct our main scenario and set targets for the price growth and determine their probability. Have a great weekend!

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

Ethereum Price and Technical Market Analysis 15th December 2019

Buyers managed to keep the price range $138-145 under their control. The trend of sellers …