Buyers managed to test the critical point $131.
After fixing above $131, the next buyers’ target is $145.
In case of alternative scenario, the possible correction is up to $117.
The last two days on Ethereum market were in slow-growing mode in the form of local consolidations. After a sharp Ethereum price $101 test, buyers uncertainly began to take the initiative in their hands. As you can see in the chart, the main problem for buyers to continue growth was at the mark $121. However, today, buyers have managed to fix above this mark by raising the price of two 4-hour candles by almost 10%:
As a result, buyers are now testing for strength the mark $130, where the highest liquidity is currently concentrated. Fixing above $130, the last critical point for buyers remains the price range $137-145. This range keeps buyers from the mark $186 with a stop at Ethereum price $154.
Hourly timeframe shows us that in case of failure to fix Ethereum price above $130, sellers can try to organize a counterattack with a final target $117:
As you can see in the chart near this mark passes a global trend line, which buyers have been keeping since 13 March. In addition, there is concentrated liquidity which market participants have accumulated over 3 days. It would be a good test for buyers for durability.
The marginal positions of buyers after a short consolidation continues to grow actively:
Sellers, seeing the likely completion of Ethereum price correction, are also beginning to increase their positions:
According to the wave analysis on Ethereum market, the current growth wave at the mark $131 will be equal to the growth wave from 16 March:
Globally, the wave (Y) is now completing its formation. In the most optimistic scenario, its maximum growth will end at $244.
In general, the dominance of Ethereum coin over Bitcoin on the volatility, which we saw before the global fall, has not begun yet. The approximate growth range of these coins is the same.
Therefore, we expect sellers respond to a future test of $131. On Saturday we will see the results of the continuation of the price movement in Ethereum market and the likely scenario for the next week.
Image Courtesy: TradingView