The likely reversal point of the growing trend from 13 March is $200.
Global critical point for buyers is $184.
Breaking through the lower wedge trend line, the first target of sellers is $160.
For five consecutive days, buyers have been able to close the daily candle above the opening price. In the last two days, buyers have raised Ethereum price by 5%. The growth wave from 21 April continues to be within the global black wedge and buyers are once again approaching its upper trend line. All previous times of the upper red trend line test ended with a sharp price fall and narrowing of the trading range inside the wedge.
This time it is becoming more and more difficult for buyers to reach this trend line without correction. And every subsequent small upward momentum is at least with local consolidation:
On the chart, we noted three local highs which needed little consolidation to create a new impulse. As you can see, each subsequent impulse is smaller in size of the candle and the size of the volume. This fact indicates a significant decrease in the forces of buyers and predicts the crucial moment with the change of forces in favor of sellers. So far, our final target $200 has not been reached by buyers, and this mark is quite real before the correction begins.
The local critical point for buyers is at $193. Global one at $184. Fixing below $184, sellers can count on Ethereum price fall to $160.
According to the wave analysis on Ethereum market the situation remains stable. And we expect the price growth from 13 March to be completed:
The local wave (C) which belongs to the global wave (Y) at a price $200 in size will be equal to the wave (a). Fixing above this mark, buyers will increase their chances of continuing growth with a target $220. However, such a scenario is possible in case Ethereum price growth character will change. At the moment, the likely turning point is around the mark $200. Let’s see on Tuesday whether sellers will be able to break the market situation and close the weekly candle at the price $184.
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