For the 4th time buyers failed to fix above the mark $140.
The main targets for Ethereum price fall remain constant – $119 and $105.
The growth to $155 is possible after fixing above $145.
The fourth day of consolidation and the fourth false breakdown of the price mark $140 took place yesterday on Ethereum market. After buyers unsuccessfully fixed Ethereum price below $133, buyers gained momentum and made another attempt to break $140 with continuation to the key range $137-145. Yesterday’s local high was fixed at $142. This attack took place on reduced volumes and had no chance of success. As a result, sellers responded with the same counterattack and now their target is to break through $133 again.
On the hourly timeframe, we can see that above $140 is an aggressive seller who effortlessly turns the price on Ethereum market to $133:
However, from this range, the price is not so aggressively and cheerfully returns to $140 again. In the previous case, it took buyers 13 hours of consolidation to build capacity and start an attack. Of course, predicting the exit of Ethereum price from consolidation is not an effective thing to do. Although, given the nuances mentioned above, our main scenario for Ethereum price fall to $105 is still valid. We rimind that an alternative scenario is possible after fixing the price above $145.
On the daily timeframe, we already see the 4th candle with a false breakdown. It shows the current control of sellers in the price range $137-145:
Also, pay attention to the low volumes we have seen in the last 3 days.
According to the wave analysis in Ethereum market, the situation remains unchanged and now begins to form a wave (C):
By breaking the trend line, sellers’ aggression must increase and volatility will increase again.
An alternative scenario is the growth to $155. However, it requires two conditions: volumes increase and fixing above $145. Hopefully on Sunday, the market is moving again and Ethereum price will finally come out of 5% consolidation and start a new vector movement.
Image Courtesy: TradingView