• Buyers confidently broke the critical range $137-145.
  • The final target of buyers’ growth is $184-189.
  • The critical point of the growth trend continues to be at the mark $140.

Trading week in Ethereum market ended with the price fixing above the local mark $140. As we see on the daily timeframe, during the first test of this mark on 2 April sellers did not take the chance in the form of a false breakdown and allowed buyers to consolidate in the range $137-145. During this consolidation, buyers were able to buy out the remaining sellers and significantly change the course of events by taking the initiative into their own hands. Last week, buyers managed to raise Ethereum price by 15%, with the main price growth in the first two days.

Given that buyers are firmly fixed above $137-145, our previous scenario of the price fall continuation to $119 and $100 is out of date. An alternative scenario enters into force, with the next target – $184.

Analyzing the 4-hour timeframe, it can be seen that Ethereum market was in the triangle since 2 April:

Ethereum Price and Technical Market Analysis April 6th, 2020

It was after the test of $150 and the formation of a false breakdown up on 2 April  that sellers became active. Though, they were unable to break the lower trend line of the triangle for 3 times. So, after the closing of the weekly candle, buyers began steadily growth on increased volumes. An interesting fact is that during the current growth, Ethereum price is growing almost 2 times faster than Bitcoin price. Thus, the interest in the coin returns.

The weekly candle closed at $143, practically without a pin and it inspired buyers:

Ethereum Price and Technical Market Analysis April 6th, 2020

As we can see, Ethereum price moves to the range $174-184. If you look at the history, you can see that the price has jumped from this range. However, this range has never turned the price globally. Therefore, the price range $174-184 will be the test of buyers on their strength.

According to the wave analysis in Ethereum market, buyers have corrected the fall from 14 February  by 50% and move to the next level of Fibonacci 61.8%:

Ethereum Price and Technical Market Analysis April 6th, 2020

At the mark $189, the wave (Y) = (X). To continue Ethereum price growth, buyers need to firmly fix above $163 and continue their growth from this point. A critical point for buyers remains the mark $140. Let’s see on Wednesday whether there are strong sellers on the market and whether they will be able to impose a counterattack.

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: TradingView
Comments are closed.

Check Also

Ethereum Price and Technical Market Analysis June 7th, 2020

Ethereum market trading week passed in the consolidation range $230-246. Sellers do not ha…