After the feast comes the reckoning! The heroic growth of the price of Ethereum coin from the beginning of September looked very sweet and cheerful. However, now it’s time to find out if buyers have left the force to keep the price at the mark $200. In the previous analysis, we wrote that the excellent situation with Ethereum coin should be backed by the test of $200. But we were not sure if sellers had enough strength to carry out this test. As of today, we see that there is more than enough power, and we think that sellers will try to break this price mark.
At the 4-hour timeframe, we see that after the local consolidation, sellers with fairly confident candles got a price mark of $200. So far, sellers are not particularly showing themselves:
If we dig deeper and look at the hourly timeframe, we can see that sellers have squeezed the price lower and fixed under consolidation, preparing the forces for fall continuation:
All in all, lowering the price on $203, Ethereum coin sellers put buyers in a very unpleasant situation.
Analyzing volumes, on a daily timeframe during a fall, volumes are lower than during the growth. It confirms the preference for demand over supply. The only thing that bothers us is the closing of yesterday’s candle. Too easy for buyers to allow sellers to test $200:
So in a few days we will be exploring buyers’ power within this price range.
Buyers are not particularly concerned about the price fall and the sellers’ attempt to fix below this mark. At least it tells us a chart of their marginal positions where buyers are trying to increase their positions during the price fall:
Sellers are beginning to actively increase their positions in the last hours. Thus, trying to reverse the falling trend in the chart of their marginal positions:
According to the wave analysis, sellers have corrected their growth by 50% since the beginning of September:
The next local target for sellers is $187. It is the last stronghold from which buyers still have the chance to continue growth to the price mark $240, which we often mentioned in our previous analyses. There is a high probability of price stop in this range. Let’s see on Thursday whether sellers will be able to continue the aggressive fall or whether it was the last attack before the growth continuation.
Image Courtesy: TradingView
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