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Sellers were able to update the local low by testing the mark $212.
The local target of corrective growth is at the mark $244.
The continuation of the fall should begin after the test of $244 with the targets $200 and $185.
The price growth without corrections in Ethereum market has come to an end. Now, all market participants will have to take part in the correction and test for the strength all previously broken ranges. Over the past two days, sellers managed to lower Ethereum price by 15%. Sellers have reached our target $232, which we wrote about in previous analyzes.
The price fall was on particularly high volumes and the daily candle on 26 February closed with a great prospect of the fall continuation with the target $200. However, on 27 February, buyers managed to keep the price, thereby taking the time to arrange a correctional rollback to $244.
If we analyze the 4-hour timeframe, we see that the first price rebound after updating the local low $212 has ended. And now sellers are testing the strength of buyers’ intent.
If buyers manage to keep the local range $216-219, we will expect another wave of growth with a target $244. Looking at the trading volumes on the 4-hour timeframe, we get another confirmation that the current growth in Ethereum market is a correction. Pay attention in which low volumes the price is moving. Sellers have only one candle with a larger volume to fully turn the price into the opposite direction.
Optimism does not leave the hearts of buyers. Looking at the marginal positions of buyers, it becomes clear that they expect a significant Ethereum price growth in the near future:
It is quite contradictory fact which can drastically change after the test of $244.
Sellers are also trying to develop their trend of rising marginal positions:
Although in recent days, during the sharp fall in Ethereum market, the mood of sellers has diverged and positions growth has stopped.
According to the wave analysis in Ethereum market, sellers have not yet managed to correct the previous wave of growth by 38.2%:
Now, a 3-wave correction is being formed, which lacks one more local wave of growth. After that, we expect the fall continuation to $200 with the prospect of continuation to the mark $185. Let’s see on Sunday whether buyers will be able to complete their correction qualitatively, or whether sellers will not allow it and continue falling.
Image Courtesy: TradingView
The post Ethereum Price and Technical Market Analysis February 28th, 2020 appeared first on BitcoinNews.com.
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