The new Ethereum trading month did not begin with an active note. As we can see, the sellers’ attempt to start their attack after the test of the price mark USD 200 failed. The last few daily candles have been closed with pins down, indicating sellers’ lack of desire to push the price below. It is also remarkable on the 4-hour timeframe during the lower local consolidation test:

Ethereum Technical Market Analysis 2nd November 2019

Pay attention that even on the limit of consolidation, there are no increased volumes which would indicate that the initiative is moving to buyers. The price moves in the range without volume. It does not give us the right to say that creating pins on a daily timeframe, the force is on the side of buyers now. We can confidently state only that the passive phase of the market is not over yet. Now, Ethereum buyers still have slightly more chances to grow. Because, the consolidation which has been going on since 26 October, is over the black line of the broken wedge.

Therefore, the repeated test of the price mark USD 200 is quite real in the next week. And now we will move on to analyzing the mood of market participants.

It is noticeable in the chart of marginal positions of buyers, this week closes with a signal that further buyers will actively close their marginal positions:

Ethereum Technical Market Analysis 2nd November 2019

The index is near the upper trend line and the weekly candle is likely to close with a big pin-up. This fact is not in favor of future strong growth.

The situation of sellers does not look better and more confident, as the second week they close their marginal positions. Although this week it was not so bright:

Ethereum Technical Market Analysis 2nd November 2019

Globally, buyers are unable to fix above the level of Fibonacci 0.382 for the fourth week. It reduces buyers’ chances for global growth continuation but does not rule out another local test of USD 200.

It looks like next week should be much more lively than the current week. We will see on Monday whether Ethereum buyers will be able to test USD 200, or during the new attack attempt, sellers will reactivate and again test USD 155. Keep your hand on the price pulse with us! is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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