Buyers managed to make a false breakdown of the range $137-145, testing the mark $153.
After breaking the mark $130, sellers will open the road to the target $115 with a likely continuation to $100.
An alternative scenario is possible after fixing above the mark $145.
Yesterday on Ethereum market was a breakdown of the critical range $137-145 and a test of our maximum target $151. During the day, Ethereum price was moving in the range $115-153. By its nature, Ethereum price growth looked aggressive and after a short stop before $137-145, buyers decided to break it. However, breaking is much easier than keeping. All buyers who actively bought Ethereum from $135 to $153 are now trapped. As sellers lowered the price fairly quickly over the next several 4-hour candles and now it trades below $132.
The poor attempt by buyers to fix above $137-145 shows their weakness in this range and the transition of initiative to sellers.
As you can see the level $130 keeps sellers from the fall continuation. If sellers fix below, they will continue the price fall in Ethereum market to $115 with a possible extension to $100.
Alternative scenario – test of $189 is possible in case of fixing above $145.
Marginal buyers’ positions have partially decreased during yesterday’s Ethereum price movement, but the mood of buyers remains aggressively positive:
Sellers during yesterday’s price fall are confidently starting to increase their marginal positions:
Today, as long as the price lazily moves in consolidation, sellers do not show activity.
According to the wave analysis in Ethereum market, buyers for the second time tried to fix above the level of Fibonacci 0.382:
If we consider in more detail the correction of the fall wave, which ended on 13 March, then wave (C) is almost equal to wave (A):
The probability that the correction (ABC) is completed is quite high. By the way, compared to Bitcoin correction, Ethereum is much weaker. With this in mind, buyers need to prepare for a new wave of fall and keep Ethereum price at $100. Will buyers be able to reverse the scenario, fixed above $145, we will see on Monday, summing up the trading for the week.
Image Courtesy: TradingView