The failure of Ethereum buyers during the attack of the price mark $200 did not destroy the plan and enthusiasm to create a good growth trend. As we can see, after the attempt from 26 October, buyers were not allowed to continue price movement to the bottom line of consolidation, which runs from 26 September.
Ethereum price stopped in the mid-consolidation and above the black wedge range. In terms of strength, the situation is similar to Bitcoin in the sense that locally we see some steps from buyers, which allow predict the growth of continuation. But it is only visible on a 4-hour timeframe:
However, the question is, whether this initiative turns into a global one.
On a daily timeframe, we see that after the fall from 20 September, sellers managed to take control of the price range $198-203. Since then, buyers have been trying to return it. If you compare the volumes which sellers need to select this price range and with volumes with which buyers are trying to attack $198-203, the global advantage remains for sellers:
However, the mood of buyers is good enough if we take into account the chart of marginal positions. Despite the fact that the positions are near the upper trend line of the growth channel for one and a half months:
After the test of the consolidation bottom line on the marginal positions chart, sellers are starting to increase their positions again, but not so actively:
Globally, on the weekly timeframe with the closing of the previous weekly candle situation has not changed dramatically. Buyers current growth efforts look more like a correction after the big weekly red candle from 20 September:
Therefore, as long as the critical price zone is under the protection of sellers, we continue to predict the fall continuation. Despite the price exits from the black wedge.
According to the wave analysis, the growth from 23 October ended with correction by 38.2%. If we talk about the prices of closing daily candles, but some pins corrected this growth by almost 50%:
The first problems Ethereum buyers may face at the mark $195. If buyers can deal with it, they will have a chance to test the mark $206. It is slightly beyond our critical price range, but as a false breakdown, the scenario is quite possible. Let’s look on Friday at the successes of buyers in their difficult business.
Image Courtesy: TradingView