The fourth day of the price movement in the narrow range about 7%, keeps Ethereum buyers and sellers on tenterhooks. On the one hand, buyers were able to look beyond the black wedge. On the other hand, they saw an even more difficult target, namely the price mark $200. As you can see from the chart, on the daily timeframe starting from 26 September, the market is actually for a month in consolidation between the price marks $155-200.

Despite the fact that buyers on 26 October have already tested its upper limit, they do not want to give the initiative. Now, they are making a new attempt to break $200.

On the 4-hour timeframe it is noticeable that the price for some time scrambled on the local trend line of buyers. This is not a sign of strength and during the unsuccessful attempt of buyers to break $200, we think that the next blow the blue trend line will not stand:

Ethereum Technical Market Analysis 30th October 2019

Speaking of volumes, they remain average over the month. At smaller timeframes only single blazes are noticeable, which immediately die out.

The chart of marginal positions shows that Ethereum buyers have a good mood. And despite pushing the price to a critical point, for today buyers have been actively increasing their positions:

Ethereum Technical Market Analysis 30th October 2019

Sellers are trying to increase their margins once again after another test of the bottom line of consolidation:

Ethereum Technical Market Analysis 30th October 2019

According to the wave analysis, the situation remains stable. After a failed attempt to update the local low and the test of Fibonacci level 0.618, sellers gave the chance to buyers:

Ethereum Technical Market Analysis 30th October 2019

If Ethereum buyers allow to lower the price below $172, the next stop is the test of $155, with the probability to continue the fall below.

Looking ahead and analyzing again the weekly analysis, we want to add that it is difficult for buyers to recapture the August fall, which happened in one candle:

Ethereum Technical Market Analysis 30th October 2019

With such obvious Ethereum sellers aggression, the price is likely to fall again to $155. Though, if sellers are not so aggressive, it will signal about their weakening and ultimately a full transition of power from sellers to buyers. So, let’s follow the test of $200 and see if sellers have a chance to finish their game. Meet you on Friday! is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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