• 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:

Ethereum Price and Technical Market Analysis April 2nd, 2020

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:

Ethereum Price and Technical Market Analysis April 2nd, 2020

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:

Ethereum Price and Technical Market Analysis April 2nd, 2020

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.

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