Sellers kept the range $174-184 and started a counterattack.
Keeping the range $161.5-164, sellers will continue to fall to $141.
The fall to targets $141 and $119 may begin after a new attempt of buyers to test $184.
For the past two days, buyers have never been able to fix in the liquidity range $174-184. In general, these days were quite passive in Ethereum market and were accompanied by low trading volumes. If we compare the level of buyers’ pressure during Ethereum price growth from 6 April with the attempt of growth from 8 April, we see a different approach to the attack. The apparent weakness of buyers did not even allow them to go inside the range $174-184.
However, it is too early to talk about completing the growth trend. Despite the failed growth attempt on 8 April, sellers built their counterattack not as aggressively as buyers. The current fall is more reminiscent of a impulse correction. So, it is probably that buyers will make another attempt to break the price range $174-184. Although how strong and sharp this growth will be, we will understand whether the price growth in Ethereum market is coming to an end or the current correction was just a rest.
If you look at Ethereum price situation more locally, we see that it took a lot of sellers to break through the range $161.5-164:
For buyers, it will be the first test. In case of unsuccessful attempt to fix the price above this range sellers will get full initiative in the market and will continue to fall with the target $137-145.
At the daily timeframe today’s fall looks like a simple correction:
The chart of another exchange is given to dispel doubts about the increased volume of today’s candle.
According to the wave analysis in Ethereum market, buyers have fulfilled our main target – a test of the range $174-184. And in the next unsuccessful attack we will expect a price lowering to $141:
However, as we can see in the chart, buyers had little power to correct the wave of fall by 61.8%. Therefore, another attempt of Ethereum price growth and test of the mark $184 is quite likely.
If buyers fail to keep the mark $141, the next target is $119. Let’s see on Sunday whether sellers are ready to drastically change the trend or it was just a test of buyers for durability.
Image Courtesy: TradingView