Today is аn interesting and exciting day for Ethereum lovers. A day of hopes, a day of desires, a day of events and sufferings. This day will go down in history for all weak-nerved investors who with light in their eyes bought Ethereum for $240. Well, we have just to stop writing the word “day” and start our analysis!
Today, buyers have come closer to the critical price mark $235 about which we’ve consistently written in the previous analyses. However, the maximum buyers achievement for today is 4 attempts of false breakdowns of this price mark. By the way, on the 4-hour timeframe recorded the largest volume for the previous 10 days, just at the last false breakdown of $235. And it is not in favor of buyers.
To prove our words about the importance of the price at $235, we will go down to 15-minute timeframe. This clearly shows that after every attempt of buyers to break $235, sellers immediately give an aggressive answer and with the help of higher volumes:
Therefore, we think that in this range, sellers have taken the initiative. If buyers do not keep $225, sellers have a great chance again to test the blue trend line at $205:
However, despite this poor performance, buyers are in a great mood. They are increasing marginal positions quite actively:
The stability of buyer mood is fascinating. Consolidation continues. We want to remind that sellers’ marginal positions are now at historical lows:
Buyers had little power to test the $242 with a help of false breakdown. Where, according to the wave analysis, wave (c) = wave (a). However, if determining how buyers were able to correct the sharp fall, which was organized by sellers from 9 July, it is visible that buyers stopped before the 38.2%. Weak correction is enough to change the local trend.
If we again compare the successes of Bitcoin buyers and Ethereum buyers, the situation has not changed and Ethereum is growing more passively. Let’s take a look at how buyers behave during a fall, but for now, the price is below the critical point and remains in consolidation. So it is natural to expect a test of a lower limit of this consolidation.
Let’s see on Friday whether buyers will be able to correct the situation in their favor, and now we will follow $225.
Image Courtesy: Bitcoin News