Buyers were able to keep a local range $156-160.
Fixing above $164, buyers will continue to raise the price to $184.
In case of fixing below $156, the next buyers’ target is $141.
The week of trading in Ethereum market is ending, during which buyers managed to fix above the key price range $137-145 and test the next range $174-184. The breakdown of the range was on increased volumes and now buyers are fighting for the successful closing of the weekly candle. On average, the maximum Ethereum price marks this week were 23%. As we can see at the 12-hour timeframe after the test of $174-184, sellers have begun correction, testing buyers for durability. Price stopped in the range $156-160.
Sellers are now figuring out if buyers have enough strength to stop the fall in this range and try again to test $174-184. So far mysterious consolidation has an equal chance of continuing to fall to $141 and to make a local reversal to $184. There is a high probability to break consolidation up, as we see the local growth trend remain stable. Unlike Bitcoin, in Ethereum market, buyers kept the main trend line. The critical point for the test of $184 is the mark $164. If buyers are unable to fix above it, then the probability of the test of $141 will significantly increase.
As we can see from the chart of marginal positions of market participants, buyers traditionally continue to increase them:
Sellers partly increased margins at the local low, are now beginning to partially reduce them. Therefore, in case of scenario of Ethereum price growth up to $184, sellers are likely to close their margins, boosting the growth.
According to the wave analysis in Ethereum market, the global picture is as follows:
The growth wave from 13 March is moving in the wedge and so far sellers have not been able to move beyond that wedge. In this case, the continuation of wave formation (Y) is logical and at the mark $187 the wave (Y) = (W). At this mark, we look forward to a reversal of Ethereum price and the beginning of the correction of the current wave of growth.
Image Courtesy: TradingView