Ethereum price has stopped in the range $133 and is seeking correction.
We expect the maximum growth to be no higher than $139.
A continuation of the fall is expected after the test of $137-145 to the mark $119.
The two previous days of trading in Ethereum market were quite controversial. On 29 March, buyers managed to continue Ethereum price fall after breaking the local mark $133. However, sellers did not reach our first target $129. And already on 30 March, buyers took the initiative and “absorbed” the previous daily candle, denying all the achievements of sellers. Trading volumes over the two days are standard and do not differ much. Consequently, we conclude that the price continues to be in consolidation. So, the next probable target of buyers is in the range $137-145.
At the 4-hour timeframe, we see that sellers are trying to keep the mark $133 and they do not let buyers to move above:
Four times, buyers tried to pass this mark and only failed. If the same dynamics persists, soon enough, sellers will seize the local initiative and organize a correction with a target $130. After the correction is formed, it will be clear how much power buyers have and what is the likely final point of growth in Ethereum market.
If we briefly analyze the marginal positions of market participants, we see that buyers from 29 March begin to reduce their positions. Sellers with small corrections continue confidently to increase them:
According to the wave analysis in Ethereum market, buyers managed to correct the previous wave of fall by 50%:
Nevertheless, it is a serious level enough to at least stop and correct the local trend. The maximum permissible point of growth in the scenario of Ethereum price fall to $119 is the mark $139. If Ethereum price goes higher, it will mean a significant increase of probability of breaking $137-145.
If we look at the closing of the previous weekly candle, we see that there are still a lot of sellers on the market:
Despite the test of $140 on Ethereum market last week, sellers managed to close the weekly candle at $125. Each week showing lower trading volumes. It confirms the consolidation sentiment of market participants and this week may not be significantly different in Ethereum price movements. Let’s look on Thursday, what successes buyers were able to achieve and whether sellers could keep the price range $137-145.
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