Buyers have almost tested our main target $250.
The probability of $280 test and an attempt to break the trend line from June 2019 is very high.
Having fixed below $230, sellers can confidently lower the price to $206.
Yesterday’s trading on Ethereum market closed positively for buyers in timeframes starting from the daily to the monthly. Although sellers managed to lower Ethereum price by 5% during the day. This fact could not overshadow the excellent growth on 30 May. On Saturday, after a short stop above $216, buyers almost managed to test our main target – the mark $250.
Trading volumes since 22 May were the largest namely on weekends. During 30 May, market purchases were 61.5%. It is a very convincing fact of the strength of buyers, given that the price is at local highs. During the correction on 31 May, market sales were 52.5%. At the moment, sellers in the market are not enough to stop Ethereum price growth, so the probability of breaking $250 with a target $280 is quite real.
As you can see in the weekly timeframe, the price is approaching the upper trend line, from which it has twice turned globally, updating local lows:
The blue trend line and the mark $280 is the last foothold for sellers to continue the falling trend. Otherwise, we will see a global change in the trend with great growth prospects for buyers.
In the 4-hour timeframe, we see that sellers tried to take the initiative after setting a local high $247:
However, the price lowering in Ethereum market to $230 without much aggression showed us the local resistance of buyers, from which they will try to continue to grow with a probable final target $280. Horizontal volumes tell us that in the range $230-240 gathered a good liquidity, below which there are no big buyers up to the mark $206. Therefore, in the event of a weakness, buyers run the risk of a sharp Ethereum price fall.
On the chart of ETH dominance, we see increased interest in this coin:
Now the indicator is moving on the trend line and is 10% of the crypto market. The probability of increasing ETH dominance is quite high. Thus, continuation of Ethereum price growth continues to be our main scenario.
That’s why, the new trading week in Ethereum market promises to be hot for buyers. As early as Wednesday, we’ll see whether sellers can respond in kind and protect the upper trend line and the mark $280.
Image Courtesy: TradingView