• Buyers managed to break the mark $232 by setting a new local high $246.
  • Maximum target for local growth trend is $257.
  • The global target is to continue falling with the final target $180.

Yesterday’s trading day on Ethereum market was quite successful. The daily candle closed above the mark $244, we wrote about in previous analyzes. Looking at the structure of the candle, it seems that sellers are on vacation. Closing the weekly candle without a pin, buyers left themselves a chance to continue growing to the level $257. Total Ethereum price growth is almost 8%. Yesterday’s breakthrough of the local level $232 was on average volumes.

If you look at the 4-hour timeframe, the price is moving confidently but without much resistance:

Ethereum Price and Technical Market Analysis March 7th, 2020

Pay attention that buyers’ volumes decrease with each update of the local high on Ethereum market and this sellers’ lull looks temporary. After setting a new local high at $246, sellers during two 4-hour candles try to lower Ethereum price below by using the same volumes as buyers during the growth. However, we see on the chart that sellers’ candles look weak and inactive. So, buyers are confidently absorbing the offer of sellers at local highs and ready for another wave of growth.

A critical point for buyers is the mark $232. In addition, below this mark is the 6-day liquidity, with a help of which buyers were able to test $244. At this price is the trend line of the newly created upward trend.

Buyers’ margins continue to grow traditionally, although activity has declined substantially in the last 3 days:

Ethereum Price and Technical Market Analysis March 7th, 2020

Sellers are in a bad mood and, as Ethereum price continues to grow, will begin to more actively reduce their marginal positions:

Ethereum Price and Technical Market Analysis March 7th, 2020

According to the wave analysis, buyers were able to correct the previous wave of fall by 50%. The next likely target of buyers is 61.8%, which is at $256. The current price growth in Ethereum market is understood as a correction wave (B), after which we expect a new falling impulse with a first target $200 and a final $180:

Ethereum Price and Technical Market Analysis March 7th, 2020

Let’s see how buyers can close weekly candle. On Monday, we will write a weekly analysis of Ethereum price movement and identify the most likely scenario of the price movement.

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: TradingView
Comments are closed.

Check Also

Bitcoin Price and Technical Market Analysis March 29th, 2020

Bitcoin price stopped in the range $6000-6300. After breaking through $6000, the probable …