Over the weekend, Ethereum price growth was 6%.
Closing above $216, buyers will continue to grow to $250.
The critical point for the trend of buyers is the mark $200.
The weekend on Ethereum market was quite positive for buyers. Buyers kept the local range $194-196 on Friday and found a way to repeated test of $216. For the next two days, we see a steady Ethereum price growth by 3% daily. On Sunday, buyers updated the local hich and closed both the daily and weekly candles. As a result, in the first hours of the new daily candle, Ethereum price has risen by almost 5%, stopping at around the mark $216.
If we analyze the volumes of trades, then on the weekend they were almost the same. However, the dominance of active purchases over active sales these days has been different. On Saturday, market purchases were 10% higher than market sales. On Sunday, buyers were more aggressive and raised market purchases indicator to 20%. Thus, we see the growth of buyers’ confidence in Ethereum market. And our main scenario – a breakdown of $216 and the growth continuation to $250, is highly likely.
Analyzing the weekly timeframe, we see that buyers have almost managed to “absorb” the previous candle of sellers with the help of twice smaller volumes:
This fact tells us that buyers are ready to keep Ethereum price even at local highs. And sellers do not have enough strength to slow down the price movement up with limit orders. A positive scenario for sellers this week could be keeping the price in Ethereum market below $216. This fact will lead to continued consolidation in the range $185-216, giving sellers a better chance of a consolidation breakdown.
In the 4-hour timeframe, we see that from 11May, Ethereum price is moving in the local growth channel:
This channel allows us to predict the future local price stop at around $223. Buyers will need to keep $200 to continue the growth in Ethereum market.
While BTC’s dominance has stopped in the consolidation triangle and USDT is falling, ETH’s dominance in the crypto market is slowly growing:
After fixing above 9.17%, the growth of Ethereum price will accelerate. Therefore, this week promises to be positive for buyers. Critical points are $200 and $250.
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