Ethereum Market Analysis 26 July 2019

It is very difficult in unexpected and instantaneous situations to quickly and accurately find the right solutions. Sometimes awareness takes time. A similar situation is taking place now with Ethereum sellers, in which today 26 July, still can not return to the blue growth channel. You may read our previous analysis to compare the situation.

After a sharp fall, which ended on 17 July, buyers for almost 10 days are trying to fix higher than USD 230 and return the bottom trend line of the channel. However, if, at the first attempt, buyers managed to even break through the trend line and made attempts to fix themselves, then during the past day, buyers managed to only touch it and not even test USD 230:

not even test 230 usd

Analyzing volumes in recent days, we see that buyers have no desire to change the situation on the market. And the current growth is more like a correction and a temporary holiday for sellers. Moreover, the correction seems rather weak in relation to the previous fall. Now, sellers are moving to a price of USD 204, where we will understand if buyers are ready for a new attack and whether they will keep this price mark.

On a daily timeframe, we also see that sellers fix under the trend line and a price of USD 230: Ethereum Market Analysis

The last two day candles with their pins showed us the likely limits of future local consolidation in the range of USD 201-225. However, consolidation is now more profitable for sellers. Because the more investors will notice the price exit of the global price channel, the surer will continue the fall.

There was also a better mood among Ethereum buyers. Looking at their marginal positions we do not notice the particular intensity to grow: Ethereum Market Analysis

Since April, marginal positions of sellers are both in consolidation and on historical low: Ethereum Market Analysis

According to the wave analysis, we see the end of the wave (C) formation, which is 1.414 times longer than the wave (A) and the beginning of the correction. Ethereum Market Analysis

If all three waves (A, B, C) are combined in one design and called the global wave (W), then a correction wave (X) is now formed, which corrected the wave (W) by 23.6%: Ethereum Market Analysis

As we mentioned above, it is a rather weak correction. And this element of the weakness of buyers can play into the hands of sellers. If buyers do not fix above the blue trend line, then the first target of sellers is USD 170 with the possible continuation of the fall to USD 130: Ethereum Market Analysis

Well, let’s see whether, by Sunday, buyers will be able to change the situation. And we will consider a weekly analysis of Ethereum. Have a successful end of the week! is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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