Sellers were able to exceed our plan, testing the mark $101.2.
Ethereum market is in consolidation within price limits $108-130.
If buyers manage to break this consolidation, the final target of growth is at $151.
Trading week on Ethereum market began with a price growth and an attempt by buyers to test a critical range $137-145. However, Ethereum buyers continue to be more passive than Bitcoin buyers and the attack on 15 March was unsuccessful. Consequently, the daily candle opened at Ethereum price $123.4 and closed at $124.25. As a result of trading, a pin was formed, which gave the signal to sellers to continue the aggression and move towards to the target $110.
As we can see from yesterday’s candle, sellers even managed to exceed the plan, setting a new local low $101.2. Yesterday’s candle also closed half with a pin at the price $111.76.
Of course, after such a sharp fall, the only solution on the market is consolidation. So, we assume that by the end of the week Ethereum price will not go beyond the black triangle limits:
As we can see in the 4-hour timeframe, the maximum target for buyers during the current attempt of Ethereum price growth is around $130. If the test of this mark occures on small volumes then the initiative will be taken by sellers with the final target $108.
If we pay attention to horizontal volumes, our targets within the triangle are confirmed by the high liquidity. Therefore, to continue the trend movement, both sellers and buyers need a large amount of liquidity, which they are gaining in this consolidation.
Buyers’ margins stopped their unclear growth and are also in consolidation:
Sellers are completing their falling trend on the chart of marginal positions and are preparing to start increasing them:
According to the wave analysis in Ethereum market after the formation of the wave (X) , the wave (Y) is running now:
Our targets of the current growth wave accomplishment are $132 or $ 151. Considering market consolidation, we think the final target will be $132. Nevertheless, on Thursday, let’s see which of these targets worked, and whether sellers will be able to protect the upper trend line of the triangle by keeping Ethereum price below $130.
Image Courtesy: TradingView