The struggle of Ethereum buyers to change the trend and fix the price above the black wedge trend line moved into next week. Today, we will analyze the price movement of the previous week and forecast the targets for this one. The price range last week was 30%. The volatility of this coin was less than the volatility of Bitcoin and the weekly candle looks less certain:
If we compare the weekly candle from 23 September and the candle last week, we can see that buyers failed to counteract this aggressive fall. In fact, everything looks like a continuation of consolidation. However, in the case of Bitcoin, the chart clearly shows that buyers showed a practically identical response to sellers:
It indicates that interest in Ethereum has gradually moved to the main cryptocoin.
At a more local timeframe, we see that buyers have enough to keep $180 to consider the price fixing over the black wedge successful. However, buyers are in no hurry and have stopped in consolidation because the advantage is already on their side, though it is uncertain:
We would like to test the advantage of buyers on the attack of sellers which would be on increasing volumes. In order to make sure that buyers actually have the power to both raise and keep the price.
Over the past week, buyers have been trying to increase their marginal positions:
Sellers, by contrast, have actively closed their marginal positions and tested the level of positions since August 2019:
As we can see from the wave analysis, when the price goes beyond the wedge, the global target of buyers is in the price range of $260 with a possible temporary stop at the level of $220. Nevertheless, fixing above the price mark $200 is more important for us than the price exit from the wedge. As much as this is true, in this mark is high liquidity and since August 2019, buyers have not been able to cope with this price.
Therefore, we will be following whether Ethereum buyers will be able to test $200 this week and fix above this price to continue moving toward our targets. Meet you on Wednesday!
Image Courtesy: TradingView