Buyers kept the lower trend line of the wedge and the mark $166.
After fixing above $182, the next target for buyers is $202.
The global scenario – the test of $140 remains basic.
The price fall on Ethereum market, which took place on 20 April, ended with a test of the lower trend line of the wedge. We did not notice any particular aggression from sellers. Neither an attempt to break the trend line nor an aggressive restraint of Ethereum price was seen yesterday and today. After the test of $166, market participants began consolidation below the range $174-184, which more looks like a small stop before the fall continuation.
However, buyers have found the strength to change the local sellers’ initiative and now Ethereum price is again trading within the range $174-184. The next likely target is $200. Although, we believe we need to be careful about opening a long position. Despite a new local win of buyers, local highs are updating worse every time. The probability of the start of a sharp growth correction from 13 March is quite high. A sharp fall from the mark $184 on 20 March is confirmation of it.
Therefore, our vision of the price movement in Ethereum market remains constant. Locally, buyers have the prospect of the growth continuation, but globally we expect the test of $140.
The hourly timeframe clearly shows that the growth was more aggressive after two active hours of Ethereum price trading:
As we can see, before buyers looked rather weak, and even the high volume attacks were reminiscent of a correction. That’s why, it is important to see growth over the next hours. If it turns out that the volumes for two hours of Ethereum price growth are all which buyers have, the price fall will start again.
If we talk about the dominance of Ethereum in the crypto market, we can see from the chart that starting from 1 April this coin started to increase its influence:
Nevertheless, now the figure is reaching local highs. Relating this chart to Ethereum price chart, we see a trend change, which is our main scenario.
According to the wave analysis in Ethereum market, the last correction wave (Y) is formed, after which we expect a correction of growth from 13 March:
Fixing above $182, buyers will find their way to $200. In this mark, wave (c) = (a). Let’s see how buyers’ attack ends and if buyers can upgrade the local high before the coin falls.
Image Courtesy: TradingView