Buyers managed to take control of the range $194-196.
The sluggish counterattack of buyers from the range $194-196 can end with the continuation of the fall to $164.
The basic scenario of the test of $250 remains valid.
Trading week on Ethereum market continues to be held in the struggle of market participants to keep the growth trend. Over the past two days, buyers have managed to regain control of the local range $194-196. Yesterday, Ethereum price tested this range, but buyers managed to keep it, closing the daily candle at $194.6. Trading volumes for the last two days are average.
The difference between market purchases and sales is in favor of sellers. During the price growth on 14 May, market purchases were 7% higher than sales. On 15 May, when the initiative in Ethereum market belonged to sellers, market sales were 10.7% higher than purchases. However, the aggression of sellers yesterday did not affect the situation. And repeated test of $216 will raise the chances and mood of buyers to continue to grow with a global target $250.
If we analyze the situation on global timeframes, such as 3D and 1W, we see that sellers have not been able to signal the beginning of the growth trend correction from 13 March:
Ethereum price correction, which started on 27 April and which we see in the 3D timeframe, is moving quite slowly compared to the previous growth. The weekly timeframe shows us only the suspension of the price during the previous week. And in the worst case it promises to continue the consolidation next week in the range $180-210.
Locally, we see on the 4-hour timeframe a test of the liquidity zone formed by consolidation from 10 to 13 May and an uncertain counterattack of buyers:
Therefore, repeated test of $194 today on Ethereum market is more likely. In case of continued passivity on the part of buyers, sellers will push the price to $184, thus increasing their chances to test $164.
On the chart of Ethereum dominance in the crypto market, we see that the indicator remained within the black triangle. And for the second day the percentage of dominance is trying to increase:
This fact adds a chance for buyers on continuation of Ethereum price moving in the trend growing channel. The current suspension of the price is considered as a refueling of positions. Let’s see on Monday whether sellers will be able to break the favorable atmosphere for buyers and change our basic scenario of $250 test.
Image Courtesy: TradingView