Ethereum trading week was rather boring in all its parameters, both in terms of volumes and price movement. After a bright test of the USD 186 price mark at the beginning of the week, the price went into a correction. In such a way creating a local downtrend which is clearly visible on the 4-hour timeframe:

Ethereum Technical Market Analysis 5th October 2019

As we can see, on 1 October and 3 October, local lows were set, but today sellers failed to update the lows. As a result, the bottom trend line of the newly created triangle remains under the control of buyers again. We see, that the range of price movement has decreased significantly due to the blue trend lines. Buyers guard those lines below and sellers – above. Tomorrow, there is a high probability of a triangle break with a sharp movement of the price.

The growth, which began from 26 September, is not entirely certain. The 4-hour timeframe shows deep corrections and renewal of local highs. For that reason, it is still more likely to continue falling and retest the yellow price range of USD 155-160. If this test fails to be aggressive and sharp, it will be accompanied by sharp corrections from the side of buyers, then it is signal of sellers weakness in the current range and a chance for buyers to break USD 186 and test USD 200.

The following scenario also confirms the chart of buyers’ marginal positions, which shows that buyers are not ready to increase their positions until a correction begins:

Ethereum Technical Market Analysis 5th October 2019

Sellers are finally trying to break free from the shackles of six-year consolidation and have stopped near the upper limit. If the price continues to fall, positions will sharply increase, which in turn will break the vicious circle of Ethereum sellers’ positions movement:

Ethereum Technical Market Analysis 5th October 2019

After  buyers managed to break through a wedge, in which price was traded from June 2019, price did not continue sharp and certain growth upwards and again updated the local low. Subsequently, of this price movement, a new wedge with a larger range of price movement was formed. It shows that the price fall is not over yet and the critical price mark of this fall according to the wave analysis is USD 150:

Ethereum Technical Market Analysis 5th October 2019

The critical point for Ethereum sellers is in the price mark USD 200. The price also includes the liquid zone and there passes the top trend line of the newly created wedge. So, let’s see if next week sellers can test a critical point of buyers while crossing the yellow price zone. The result of the previous week will be on Monday. Let your weekend be much brighter and more intense than the Ethereum price movement this week!

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