The new week of trading of ETH coin began with an unsuccessful attempt by buyers to go through the price zone of USD 260-280. It is more correct to say that buyers were only able to touch this liquid zone and the price turned around and tested USD 230. Starting from 16 May, there have been 3 attacks on the price zone of USD 260-280, but only on 16 May was the real threat for sellers to lose control over this liquid zone. The thing is in the amount of volume that was significantly higher on 16 May than in two other attempts: Ethereum Market Analysis 2nd June 2019

During the last attempt, the buyers were trapped, breaking our critical point with small volumes, after that, sellers for two days lowered the price to USD 240. The problem for sellers is that they do not try to take the initiative from buyers after the attack is reflected. Now, there is a new attempt to continue growth, if sellers do not make radical decisions, then buyers, with the help of many attempts with small volumes, seize the price zone and in this case, the next global target and the chance for sellers to change the situation is USD 360.

However, if buyers do not keep USD 230 – the bottom line of the current consolidation, then sellers have all the chances to lower the price to USD 190.

During the last sharp fall to USD 240, marginal buyers positions sharply closed. It indicates the probable closure of the loss-making positions of buyers, which partially helped sellers in the fall: Ethereum Market Analysis 2nd June 2019

However, the growth trend persists and no special changes have taken place in the buyers’ positions.

Sellers are trying to increase their positions, but the candles do not look confident. At 4-hour timeframe, we see that part of sellers during the fall closed their positions rather aggressively, and the other part just opened them aggressively. At the moment, there is no common mood among sellers: Ethereum Market Analysis 2nd June 2019

According to the wave analysis, we see that the current wave of growth, which began on 6 February, goes to the level of 2.618. This means that at the mark of 2.618 the current wave of growth will be greater than the growth wave from 15 December to 5 January by 2.618 times. Buyers are firmly fixed above the level of 1.618, which gives the right to think that current growth is not just a correction after a long fall – but the first global wave of growth, which consists of 5 waves, and now the market is in the 3rd wave.

Based on this, we conclude that there is a great likelihood for the continuation of the growth of this coin, especially if you look at how the month candle closed: Ethereum Market Analysis 2nd June 2019

However, there is an alternative option, when the sellers break through USD 230. Therefore, while we expect a breakthrough of consolidation and correction of the main scenario, and we wish you not to make rash impulsive decisions.

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About the Author: Peter Oleshchuk is a trader and technical analyst.
He has spent two years studying and analyzing the crypto market.
Image Courtesy: TradingView
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