Buyers cannot fix above $232.
The maximum target for the local growth trend is around $244.
The first target after completing formation of the wave (B) is $200-206.
The situation in Ethereum market remains unchanged, despite the current Bitcoin growth by 4%. Ethereum price cannot break beyond the mark $232 to continue growing with the target $244. Within 7 days the price is trading in the consolidation $220-232. The last 4 days of trading volumes are quite low and do not indicate the desire of buyers to turn the price and continue strong growth, which until 13 February was without corrections.
If buyers do not manage to fix above $232 by the end of the week, then the weekly timeframe will not produce the best picture for buyers:
By closing a weekly candle in this form, buyers actually allow sellers to continue falling to begin with to $200.
If you look at the situation more locally, at 4-hour timeframe buyers show that they are ready to keep the trend line and continue growth:
In fact, fixing below $225 sellers break the conditional trend of growth.
Also at the 4-hour timeframe, we do not see a gradual increase in volumes as Ethereum price approaches the mark $232. It could mean continuation of trading in Ethereum market within the triangle and retest of the local blue trend line of buyers.
Buyers ‘optimism continues and today the historical high on the chart of marginal positions has been updated:
Buyers believe in continuation of global Ethereum growth, but despite the volumes and nature of growth, it still seems like a dream.
Sellers’ marginal positions are practically for 4 days in place:
Today, sellers have partially reduced their margins due to the price growth.
According to wave analysis in Ethereum market, sellers have not yet been able to correct global growth since December 2019 by 38.2%:
Now, Ethereum price has stopped below the level of Fibonacci 23.6% at the mark $232. Locally, buyers are now forming wave (B), which is a correction, after which the fall should continue to $200-206. Depending on where the wave (B) ends its formation, it will be possible to more clearly determine the fall targets. Therefore, the main scenario remains the same. We will consider the alternative scenario after fixing the price above $244.
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