Within hours, buyers were able to raise Ethereum price from $90 to $137.
The probability of a rebound from the range $137-145 and the test of $110 remains high.
The fall in Ethereum market corrected its global growth by 50%.
Ethereum market participants saw the local low $90. Having fallen by almost 55% in two days, Ethereum price has tested the lower trend line, which has worked well since May 2019. Did we expect such a fierce fall? No. However, we consider it a great plus that the price did not stay long near the mark $90. In fact, buyers managed to get Ethereum price back to yesterday’s level. Thus, now buyers are actively fighting for the critical range $137-145. And only after fixing on this level we can we talk about the probable continuation of growth in Ethereum market.
At the 4-hour timeframe we see that the increased volumes do not fix on every candle:
As we can see, Ethereum price growth is not on volumes and the test of $137-145 is still showing the local weakness of buyers and probably another wave of fall with the target of $110. However, in case of a sharp increase in the volumes of buyers and fixing above $145, the growth will boldly continue to $161.
For the three weeks now, sellers have been able to achieve much more than buyers in 9 weeks:
Of course, the fall is always sharper and more aggressive than the growth, but after such a sure trend of growth, such situation on this coin, probably no one expected.
After today’s figures on the chart of margins of buyers, we begin to doubt the correctness of their data:
As we can see a sharp price fall in Ethereum market did not scare buyers, but on the contrary, prompted them to actively and insatiably increase their margins:
It’s hard to believe. However, if Ethereum costs $190 tomorrow, it makes sense in the charts of marginal positions of buyers.
Sellers confidently increased their marginal positions yesterday. And today they are confidently fixed them:
Interestingly, most of sellers’ margins are closed at local lows, it says that sellers have been fixing profits.
According to the wave analysis on Ethereum market, the current fall wave has corrected the global growth of this coin by 50%.
The next level of Fibonacci is at $47. Nevertheless, we hope that the weekend will come in a peaceful consolidation and Ethereum market will rest from such pressure.
Image Courtesy: TradingView