Sellers’ attempt to fix below the mark $125 failed.
Sellers must keep the mark $141 to continue the fall.
Targets $119 and $100 remain relevant.
As early as day four, buyers are building a local growth trend in Ethereum market. All this is happening within the consolidation $125-140, which is constantly narrowing and reducing volatility for Ethereum price. After taking the initiative on 31 March, sellers unsuccessfully attacked $130, which is considered locally important. After that, yesterday, buyers aggressively replied to sellers for their correction, updating the local high. Thus, buyers again approached the global price range $137-145, where collected a lot of liquidity.
As we wrote in the previous analysis, the critical price mark is $140 now. If buyers manage to fix above this mark, the breakthrough of the range $137-145 is likely to be. However, our main scenario remains valid and we continue to expect price lowering to $119 and $100.
Considering the daily timeframe, it is noticeable that the current attack of buyers in Ethereum market is much weaker than the previous one:
It took only 2 days for the test of the range $137-145. This time, buyers are raising Ethereum price for 4 days, with trading volumes much lower and candles not similar to the dominant ones.
According to the wave analysis in Ethereum market, globally, within 3 weeks buyers are unable to fix above 0.382:
Therefore, we think that to continue the fall wave correction from February 2020, buyers need to gain strength and continue global consolidation in the range $100-140.
If you look at the picture more locally, yesterday’s correction corrected the wave (a) by 50%, which gives buyers all chances to continue their growth to $141:
At this price, we expect Ethereum price reversal and a new wave of fall within the consolidation $100-140. Let’s see on Saturday, whether buyers will be able to win the mark $141 and how aggressively sellers will join the battle, because so far their activity is imperceptible.
Image Courtesy: TradingView