• Sellers managed to test the price zone $180-190.
  • The first possible target for buyers is $205.
  • The global correction of the growth wave since December 2019 is 50%.

Yesterday’s trading day on Ethereum market ended with consolidation and passive behavior of market participants. Ethereum price closed by 1% lower than it opened and in such a situation buyers could count on the organization of correction. However, today sellers vividly draw attention to themselves, not allowing buyers to fix above $205. Also, the hope for the organization of correction from buyers gave volumes.

During 10 March, trading volumes were halved compared to the growth on 9 March. However, this fact did not work. As we can see on the daily timeframe, sellers today managed to upgrade the local low and test $180-190 without much effort on volumes. If we look closely at this range on history, we will see that sellers have used it as a support before the test of $118. It was just before this range that one of the few corrections occurred during the crazy growth in Ethereum market to the mark $287. Given the low trading volumes and the sharp rebound of Ethereum price from the range $180-190, buyers are finding a new local bottom for correction.

At the 4 hour timeframe, we can see that the price is now near the previous local low:

Ethereum Price and Technical Market Analysis March 11th, 2020

All that buyers could do after a sharp fall is to organize consolidation with increased volumes. However, since 9 March, volumes have disappeared and today’s fall began without much effort from sellers.

Considering the whole situation, the miracles on the chart of buyers’ marginal positions do not end:

Ethereum Price and Technical Market Analysis March 11th, 2020

Buyers have been able to increase their margins today without fear of Ethereum price fall.

Sellers, despite the situation for the second day, reduce their marginal positions:

Ethereum Price and Technical Market Analysis March 11th, 2020

According to the wave analysis in Ethereum market, sellers managed to correct their previous growth by 50%:

Ethereum Price and Technical Market Analysis March 11th, 2020

The local fall wave (C) is almost the same in length as the wave (A). The exact identity of these waves will be if sellers manage to test $177.

We are waiting for a buyers’ response tomorrow. Then, we will be able to verify that buyers have enough strength to start a correction movement from the current price range.

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