Buyers were able to test the critical range $174-184.
After fixing below $168, sellers will try to break the lower trend line with the target $141.
The maximum growth target is $200 now.
Ethereum trading week ended with the price closure at $180. Unlike Bitcoin, buyers managed to close the weekly candle with practically no pin and with a big body, which testifies to their strength and readiness for the test of $200. If we pay attention to daily timeframe candles, then we see high buyers’ candles, which are replaced by small sellers’candles with pins. In general, buyers managed to test all the targets we wrote about in the previous analyzes and stop at the price range $174-184. As we see on the daily timeframe, Ethereum price is now in the wedge and the bottom trend line of which passes near $168.
We think that the rebound from the range $174-184 still will be and sellers will be able to test this mark. Therefore, during this likely fall, we will see if sellers have accumulated the strength to break this trend line. And also whether they will be able to organize growth correction from 13 March. The situation with interest in this coin has changed for the better.
Comparing BTC and ETH charts, we see that Ethereum buyers have been able to update the local high:
Bitcoin lost its dominance and passed it on to other coins which have grown well in recent days, including Ethereum.
The new trading week in Ethereum market began with a correction of the previous local growth and the test of the lower limit range $174-184:
As we see in the horizontal volumes, there is a sufficient liquidity below to deter a weak attack of sellers. That’s why, without additional volumes, sellers will not be able to move beyond $174-184 and Ethereum price growth to $200 may begin earlier.
For the scenario with Ethereum price $140 test, sellers need to fix below $168 today. Thus, on a daily timeframe, sellers will absorb buyers’ previous achievements and will break the bottom trend line of the wedge.
According to the wave analysis on Ethereum market, the global wave (Y) at the price $188 is equal to the wave (W):
Buyers managed to correct the fall wave from 15 February by 61.8%. A profound correction, which confirms the power of buyers and the desire to create a new trend. However, we will expect Ethereum price correction up to $140 in any case. Will it be from the current price range or from the mark $200 we will see on Wednesday.
Image Courtesy: TradingView