The end of the week for buyers looks pretty appealing. Yesterday, Ethereum buyers were able to break through the black trend line of the wedge and tested the main critical point USD 185. This trend line was guarded by sellers from 27 June, and now the next target of buyers is USD 200.
So far, we do not see the fact that the breakdown was wrong. On the hourly timeframe we see a clear winning candle of Ethereum buyers, which is supported by increased volumes:
Special changes are still unnoticed on the daily timeframe. The candles do not look average, the volumes have not changed either. And if we miss the fact that the black wedge is broken, we see consolidation with the upper limit USD 185 and the lower one USD 168:
Therefore, buyers need to fix above USD 185 as soon as possible, which will give a second signal of growth continuation and reduce the risk of buying this coin.
After 4 red candles, a green candle formed on the weekly timeframe this week, which failed to absorb the previous one:
However, next week we think there should be at least an attempt to break the price mark USD 185. As after the price fall by 50% since June 2019, there has not been enough correction yet and buyers have a real chance.
Consolidation of buyers’ marginal positions has been going on for a month now:
Sellers have also been unable to get out of their consolidation of marginal positions, which has been going on since April 2019 and now positions are decreasing steadily:
According to the wave analysis, buyers are fighting for the level of Fibonacci 0.236. That is, buyers have so far managed to correct the fall wave from 6 August by 23.6%:
The next local target for buyers is USD 192.
However, if you look at the chart more globally and assume that the fall of 27 June is over, the first stop of the price may be at the price of USD 210 and the final one at USD 240:
Therefore, we expect the next signal from buyers, namely fixing over USD 185. Then we will follow how the above scenario works. See you in daily Ethereum analysis on Tuesday!