Buyers are able to keep the price mark $160, which globally separates sellers from the price mark $145.
Weekly timeframe so far hints at continuation of consolidation in the range $160-168 by the end of the week.
An alternative scenario of the test of $181-190 is possible in condition of fixing above $168.
The new Ethereum trading week began with a new attempt to break through the local price mark $160. After a sharp movement of Ethereum price on 19 January, a two-day silence was on the market and all price movement are at decreased volume. Yesterday’s sellers’ attempt to continue the fall was not successful due to low volumes. It is visible on both daily and at 4-hour timeframes:
However, we still do not have good news for buyers. The 4-hour timeframe shows just how weak the last buyers attack is. In addition, the situation on Ethereum market since 14 January is reminiscent of a reversal figure, after which a sharp decrease of Ethereum price is expected. Sellers’ fixing below $160 will be a strong signal to continue falling into the range $138-145.
Looking at the weekly candle, sellers have not yet revealed their strength and counter-attacked buyers, after the previous growth of Ethereum price by 15% per week:
Everything looks like the price will be moving in the range of $160-168 by the end of the week. And from next week, sellers will try to cover the global black wedge breakthrough.
The alternative scenario, in case of unsuccessful attempt to break $160 on Ethereum market, is a retest of the range $181-190. Though, as long as Ethereum price is below this price range, it is early to think about global growth and target $260.
After updating the historical high on the margins chart, buyers have sharply closed their long positions and returned to the blue global growth channel:
A very dangerous situation for buyers, which can cause them to panic close margins very quickly by lowering the price.
Sellers have made a small break from increasing their marginal positions. They confidently continue to increase them during the breakthrough of the mark $8600:
Sellers managed to correct their previous growth since 18 December only by 23.6%. Their local problems can start with the test of $152 where passes Fibonacci level 0.382:
Already on Thursday, we will see whether sellers managed to realize reversal figure and lower the price to at least $152 or whether buyers will do a new attempt to test $181-190.
Image Courtesy: TradingView
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