Buyers regained control of the local range $194-196.
The next local target is $216. Global – $260.
Fixing below $194, sellers will maximize their chances of testing $164.
The return of the price in Ethereum market to the trend growth channel and the attack of the local range $194-196 are the main achievements of buyers for the last two trading days. Closing the daily candle at the price $189, buyers prepared a good ground for storming the trend line. Although the trading volume is much lower than on previous falling candles, buyers managed to “absorb” the body of the candle from 11 May and show interest in this coin. In total, for two days Ethereum price increased by 7.5%.
If we take into account the volumes that sellers needed on 10 May to lower the price by 10%, now buyers do not feel any special obstacles. Market purchases exceed market sales by 15%. Fixing above $215 buyers will be difficult to keep on the road to the mark $260.
In the 4-hour timeframe, we see that sellers are now checking how well buyers are keeping the local range $194-196:
In fact, this price zone in Ethereum market should be the starting point to break $216. As you can see around the mark $216 collected a lot of liquidity. Therefore, the growth continuation without increasing volumes will provoke a consolidation between the marks $196-216.
Analyzing Ethereum price growth after breaking $194-196, we see every attempt by sellers to lower the price ends with the candle closure with the pin down. Perhaps, such sluggish growth is due to the selection of positions by buyers. The current attempt to fall is more like a correction, after which we will expect a new upward impulse.
Despite the high probability of a rebound in the dominance chart of ETH, the indicator broke the bottom trend line and continues to decline. At the moment, the figure is 8.51%.
Fixing below 8.3%, further price growth in Ethereum market is unlikely.
According to the wave analysis in the market, breaking Fibonacci level at $232 will force us to change our vision of the structure of waves:
The current subwave (c) of the global wave (Y) at $232 will be 1.618x (a). It is the maximum possible value of the wavelength if we consider the correction structure. Nevertheless, first let’s see how buyers will cope with Ethereum price $216. On Saturday we will compare the results of the weekly trading and the mood of market participants.
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