Buyers have kept the local mark $236 and are preparing for a breakdown of $250.
The target of the price growth to $280 remains valid.
An alternative scenario – a fall to $216 is possible only after fixing the price below $230.
The previous two days in Ethereum market were in consolidation, which lasts from 30 May. After testing the mark $250, Ethereum price stopped in the range $235-245. There buyers are trying to buy out the entire offer of sellers to continue growing with a target $270-280. Also above the mark $250 is the upper trend line from June 2019. Therefore, we see the current consolidation as preparation of buyers for a decisive battle to change the global trend.
Trading volumes have declined over the past two days, along with coin volatility. Market sales amounted to 52.4% yesterday, while sellers failed to convincingly close the daily candle and update the low of the previous day. Buyers are pushing the price up to $250, reducing the range of trade and preparing for a breakdown. On Sunday we will be able to follow a serious battle of volumes above $260.
In the event of an unsuccessful breakdown of $250, the first foothold for new attempt to raise Ethereum price is at the mark $230. This mark is the lower limit of consolidation, which will be able to withstand a local attack of sellers without increased volumes. An aggressive attack will break this mark and stop at $216. However, at the moment there are no signals to reverse the local growth trend from 11 May, so we expect a breakdown of consolidation upwards.
In the 4-hour timeframe, we see sellers trying to break $236 on 4 May, where is the maximum local interest of Ethereum market participants:
Nevertheless, this attempt ended with a false breakdown, formed on a 4-hour timeframe and the beginning of a new attack by buyers.
ETH’s dominance in the crypto market is firmly fixed above 9.9%:
As we can see, the prospect of continuation of Ethereum impact increase is great. And the consolidation in the daily timeframe above the trend line of the triangle is another fact confirming it. Therefore, in the near future the probability of a breakdown of 10.25% and the continuation of growth to 10.82% are very high.
Given these facts – the main scenario of continued growth of Ethereum price to the mark $280 remains in force. An alternative scenario of $216 test is likely after fixing below $230.
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