The price stop above the upper black wedge trend line continues to intrigue Ethereum connoisseurs. Like the Bitcoin chart, this week was not particularly interesting in terms of Ethereum price movement. As we can see on the daily timeframe, the daily candle has a chance to close with a pin down today. It means that sellers are now too weak to turn the price inside the black wedge. So, the growth continuation to the price mark is now more likely.
At the 4-hour timeframe, we see that sellers are successfully updating the local lows. But to achieve a sharp price break down until they could not. This local falling trend is more like a correction than the dominant movement of sellers.
In our previous analysis, we were talking about a local triangle formed on a small timeframe:
Ethereum sellers have managed to break the triangle in their favor. However, they have not got the special result and buyers continue to resist.
Though, the mood of buyers is not good. It is evidenced by the chart of their marginal positions:
As we can see the positions are at the top of the trend line of the growth channel. And the current update of the local high does not look so confident.
For all that, sellers continue to feel consistently bad and not for the first time have closed their marginal positions:
The mood of market participants indicates more that the test and the attempt to break $200 should be.
According to the wave analysis, sellers failed to fix under 0.236 to continue their fall to the next level near the price mark $172:
Globally, on the weekly timeframe quite small volumes and quite uninteresting candle. If there are no large volumes during the weekend and the situation is identical, then the growth continuation next week is very probable:
So let’s meet on Saturday and hope that we can more clearly analyze the week and give a weekly forecast for the next.
Image Courtesy: TradingView