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Ethereum Price and Technical Market Analysis January 21st, 2020

Ethereum Price and Technical Market Analysis January 21st, 2020

  • 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:

Ethereum Price and Technical Market Analysis January 21st, 2020

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:

Ethereum Price and Technical Market Analysis January 21st, 2020

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:

Ethereum Price and Technical Market Analysis January 21st, 2020

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:

Ethereum Price and Technical Market Analysis January 21st, 2020

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:

Ethereum Price and Technical Market Analysis January 21st, 2020

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.

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Ethereum Price and Technical Market Analysis January 19th, 2020

Ethereum Price and Technical Market Analysis January 19th, 2020

  • Fixing above $138-145, going beyond the black wedge and the test of $181-190, are the main achievements of buyers in Ethereum market.
  • For a new attack attempt of $181-190, buyers will need to keep $154.
  • If buyers can fix above $190 the next stop is at $225.

The Ethereum trading week continued the trend of buyers, which they started on 18 December. During the week, Ethereum price was moving in the range of 22%. The main success of buyers this week can be considered a breakthrough and fixation above the price zone $138-145.

In addition, buyers were able to move beyond the black wedge and almost to test the next critical zone ​​$181-190. However, as they approach this range, sellers have immediately become active. They understand that this is their last hope to keep the falling trend in Ethereum market.

If you look closely at the 4-hour timeframe, you can see that the path to the range $181-190 was not so easy:

Ethereum Price and Technical Market Analysis January 19th, 2020

Following the phase of sharp growth which ended on 14 January, the continuation of growth was within the local channel which sellers managed to break through today.

The latest attack from buyers within the local channel ended with increased volume of buyers. They faced with limit orders of sellers in the range $174-177. After a brief consolidation, sellers were able to easily change the direction of Ethereum price movement. The local turning point for Ethereum buyers is the mark $154. If buyers keep this mark, they can plan a new attack of $181-190.

After breakthrough of the blue growth channel on the chart of marginal positions of buyers, the last two days, buyers began to reduce their positions. Thereby, they tested the broken upper trend line of the channel. Though, on a weekly time frame it looks like a false breakdown:

Ethereum Price and Technical Market Analysis January 19th, 2020

Sellers have significantly increased their marginal positions this week and have good prospects for the growth continuation:

Ethereum Price and Technical Market Analysis January 19th, 2020

Assuming that the trend of Ethereum price fall after the breakthrough of $138-145 is complete, buyers managed to correct the falling trend from 24 June by 38.2%:

Ethereum Price and Technical Market Analysis January 19th, 2020

Thus, if buyers manage to balance the situation over the next week and fix above $181-190, the next critical point will be at $225:

Ethereum Price and Technical Market Analysis January 19th, 2020

So, on Tuesday we will see if there are any prospects for buyers and whether sellers will be able to test $154 by now.

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Ethereum Price and Technical Market Analysis January 17th, 2020

Ethereum Price and Technical Market Analysis January 17th, 2020

  • Sellers managed to stop Ethereum price growth in the range $160-166.
  • Marginal positions of buyers and sellers significantly revived their growth.
  • The local target of buyers is at the price range $181-190.

The two-day stop of growth in Ethereum market is slowly coming to an end. Today, buyers decided to try to continue their business. After breaking the black wedge up, buyers managed to quickly raise Ethereum price by almost 20%. On 15 January, buyers faced a problem and were unable to continue their growth with the same aggression as the previous day. Sellers began to slow down the growth, but having taken the local initiative quite passively showed themselves in the market on 16 January.

Analyzing the situation on Ethereum market on at 4-hour timeframe, it is clear that sellers tried to counter-attack on 16 January. They sharply lowed one candle by 4%, but the attack was non-systematic. So, buyers in small steps restored their positions during the day and raised Ethereum price to their level.

Today, buyers have been able to upgrade the local high. Thereby, they increased probability of the growth continuation to the price zone $181-190:

Ethereum Price and Technical Market Analysis January 17th, 2020

As we can see, buyers failed to cope with this range in October 2019 during the month. It increases the importance of this price zone.

If on the weekly timeframe draw the falling channel into the local lows and high from 24 June, we see that the upper trend line is just around $181-190. It again emphasizes the probability of the growth continuation and a visible Ethereum price reversal.

Despite the likely critical point, which is close enough, buyers believed in their strength. They started to actively increase marginal positions, breaking the global trend line up:

Ethereum Price and Technical Market Analysis January 17th, 2020

Sellers have also begun to increase their marginal positions, near historical lows.

However, this situation shows that buyers have something to lose, unlike sellers. Since there was no decent correction in the chart of buyers’ marginal positions from July 2019.

According to the wave analysis, buyers are trying to fix above the level of Fibonacci 0.618 with the following target $181:

Ethereum Price and Technical Market Analysis January 17th, 2020

However, if we consider the fall from the end of June as a correction to the previous wave of growth, then the critical point is at Fibonacci level 0.382 ($191):

Ethereum Price and Technical Market Analysis January 17th, 2020

In case buyers fix above this price, Ethereum market will have the potential to continue its growth up to $261.

Let’s see if buyers manage to close the weekly candle and on Sunday we will analyze Ethereum price movement for the whole week.

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Ethereum Price and Technical Market Analysis January 15th, 2020

  • Buyers managed to break through the critical price zone $138-145.
  • If buyers fix above $168, then the next target is $181.
  • Yesterday’s growth corrected the previous wave of fall by 61.8%.

Yesterday’s trading day on Ethereum market ended with the price growth of almost 15%. Despite the weak upward trend of Ethereum price, which began on 18 December, buyers managed to break through the critical price zone $138-145. They took the initiative from sellers.

In addition to the breakthrough of the important price zone, there was a breakthrough of the global wedge upwards, in which the price was trading from the end of June 2019. Trading volumes during the breakdown of the critical point were significantly increased. And practically the whole daily candle consists of body, there is only a small pin.

If we look more closely at Ethereum price growth on the hourly timeframe, it can be seen that after breaking the upper trend line of the wedge, each subsequent candle was closed with an updated high and increased volume:

Ethereum Price and Technical Market Analysis January 15th, 2020

The largest volumes are in the local price zone $163-164, in which sellers managed to suspend the sharp growth. Buyers are now trying to fix below this price zone to arrange a correction.

The growth prospect in Ethereum market is present to the price zone $180-190. Buyers were unable to conquer this zone in October and as a result – the price fall continued.

Due to yesterday’s Ethereum price growth, buyers are trying to move beyond the growth channel on the margins chart:

Ethereum Price and Technical Market Analysis January 15th, 2020

This growth has more actively revived Ethereum buyers than Bitcoin buyers, which we considered in our previous analysis.

The mood of sellers was almost equally divided yesterday, forming a daily candle with pins both up and down:

Ethereum Price and Technical Market Analysis January 15th, 2020

Ethereum sellers did not increase positions as sharply and insatiably as Bitcoin sellers.

In the wave analysis, we decided to use Fibonacci arithmetic scale, because it works better on Ethereum chart:

Ethereum Price and Technical Market Analysis January 15th, 2020

Due to yesterday’s growth, buyers were able to correct the previous wave of fall (c) by 61.8% and to stop before the price $168. If buyers cope with this mark, the next target is $181. Let’s see if buyers keep their buying activity and aggression and on Friday we will summarize the results of the working week of Ethereum price movement.

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Ethereum Price and Technical Market Analysis January 13th, 2020

Ethereum Price and Technical Market Analysis January 13th, 2020

  • Despite Ethereum price grew by 8%, buyers were unable to fix above $145.
  • Low volumes and buyers mood significantly reduce the probability of breaking the black wedge trend line.
  • Sellers will be able to continue their growth with targets $121 and $107, while keeping the mark $145.

The weekly price movement in Ethereum market ended with the growth by 8%. Buyers did not manage to fix above the price zone $138-145. But the weekly candle closed perspectively, practically without a pin. It should inspire buyers to continue buying this coin. In addition to the critical price zone, Ethereum price is now near the black wedge upper trend line and is mysteriously consolidating. Attempt to break through this trend line are on low volumes, reducing the probability of continued upward movement.

If we analyze the nature of fall and growth of Ethereum price since November 2019, we can see clear confident price movements down and slow, lazy correction movements up:

Ethereum Price and Technical Market Analysis January 13th, 2020

The current growth attempt is no different than the previous either in volume or aggressiveness. It confirms that the black wedge is less likely to be broken up in Ethereum market.

Therefore, despite the rather vigorous weekly candle, there are more facts for the local price reversal and the test of $133, where the critical point passes now.

Marginal positions of buyers decreased not so aggressively this week as we saw in Bitcoin chart. But the prospect of decreasing positions is quite big:

Ethereum Price and Technical Market Analysis January 13th, 2020

As we can see now, the indicator of buyers margins is at the top of the channel. And buyers have not been able to update their previous high within two weeks.

Sellers for the second week are recovering from aggressive position decrease and historical low update.They are trying to increase their positions:

Ethereum Price and Technical Market Analysis January 13th, 2020

It is too early to talk about the confidence of sellers and the prospects of increasing their positions at the same time.

According to the wave analysis in Ethereum market, buyers failed to fix above Fibonacci level $0.618, despite the good last trading week:

Ethereum Price and Technical Market Analysis January 13th, 2020

The critical point is under control of sellers, so continuation of Ethereum price growth is still an alternative scenario. If sellers keep $145, then the falling targets are $121 and $107:

Ethereum Price and Technical Market Analysis January 13th, 2020

In the alternative scenario and fixing the price above $145, the final target is $210 with the price stop at $170.

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Ethereum Price and Technical Market Analysis January 11th, 2020

Ethereum Price and Technical Market Analysis January 11th, 2020

  • Buyers managed to keep Ethereum price above the price mark $138.
  • On 10 January, buyers raised the price by 5% and covered the fall of the previous three candles.
  • Buyers need to fix above the mark $145 to continue their growth.

After buyers’ attempt to move beyond the important price range $138-145 up on 8 January, sellers became more active in Ethereum market. For 2 days, sellers tried to fix below $138. But on 10 January, buyers were able to completely cover the fall of Ethereum price over the previous 3 days, thanks to one daily candle. The sharp one-day reversal was after the upper limit test of the previous local consolidation. It lasted from 18 December to 5 January.

On the one hand, it appears to be a decisive step for continued growth, but the main local scenario is continuation of consolidation in the range $138-145. As we can see from the volumes on the daily timeframe, buyers act passively and turn off the initiative button during the test of local highs, reducing the volume of pressure.

It is clearly seen on the 4-hour timeframe:

Ethereum Price and Technical Market Analysis January 11th, 2020

In addition to the price range $138-145, buyers have a problem in the form of the black wedge upper trend line, which they tested on 8 January.

So far, buyers are keeping Ethereum price in the growth channel. Losing the initiative of buyers will be considered as sellers fixing below $133.

Analyzing the weekly candle, buyers seem to be disappointed:

Ethereum Price and Technical Market Analysis January 11th, 2020

The good signals in the form of three previous weekly candles with pins down did not add confidence to buyers for an aggressive start to growth. Of course, this week the price rose to 9%.

Nevertheless, after 6 days of closing marginal positions, for the second day buyers started a new stage of their increase:

Ethereum Price and Technical Market Analysis January 11th, 2020

Meanwhile, sellers are not particularly responsive to the change of Ethereum price. And they continue to determine their mood on the chart of marginal positions:

Ethereum Price and Technical Market Analysis January 11th, 2020

Wave analysis in Ethereum market decides whether the wave (c) has completed its formation. The critical point of this decision is at the mark $145, where is Fibonacci Level 0.618:

Ethereum Price and Technical Market Analysis January 11th, 2020

In general, the situation is uncertain and on Monday we will analyze the closure of this week’s candle. We will forecast the most likely scenario of next week’s price movement.

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Ethereum Price and Technical Market Analysis January 9th, 2020

Ethereum Price and Technical Market Analysis January 9th, 2020

  • Buyers failed to break through and fix above the critical range $138-145.
  • The correction of the previous Ethereum fall wave is 38.2% and is weaker than Bitcoin correction.
  • The weekly candle scares away the thought of Ethereum price growth continuation.

Following the test of the upper black wedge trend line yesterday, buyers attack which lasted from 18 December has potentially ended. Overall, buyers managed to raise the price by 26.6%. For most of its time, Ethereum price has been spent in consolidation under a critical range $138-145.

Unlike Bitcoin, Ethereum buyers failed to break through their critical price range. The price stopped in the purple range and buyers did not even try to increase the volumes to globally change the situation in Ethereum market. Probably, liquidity is not enough for the entire crypto market and yesterday was the turn of Bitcoin.

As we can see on the 4-hour timeframe, sellers initially slowed the price growth with the help of limit orders:

Ethereum Price and Technical Market Analysis January 9th, 2020

After the second unsuccessful attempt of buyers to break through $145, sellers succeeded in generating a new local trend, clearly setting its limits. A tolerable fall without losing buyers initiative is possible up to the price $133. If buyers fail to keep this mark, we will soon again see the test of $115 with the target of the fall continuation to $100.

Marginal positions of buyers continue to decrease, but the chart shows that yesterday’s candle closed with a hint on a local reversal:

Ethereum Price and Technical Market Analysis January 9th, 2020

For the second day, sellers are not active in the chart of marginal positions. They are trying not to respond to sharp changes of Ethereum price:

Ethereum Price and Technical Market Analysis January 9th, 2020

According to the wave analysis, the growth in Ethereum market since 18 December corrected the previous fall by 38.2%:

Ethereum Price and Technical Market Analysis January 9th, 2020

Bitcoin buyers were able to make a correction by 50%. It indicates the weakness of Ethereum buyers and the likely harder price fall when buyers are unable to fix above $138-145.

The weekly candle does not look promising to continue the growth of Ethereum price:

Ethereum Price and Technical Market Analysis January 9th, 2020

If we pay attention to the volumes, their decrease continues and the current growth is no exception. Therefore, we can’t seriously consider the present growth as a signal to break through the gobal wedge due to the lack of signals. However, let’s take a look at how buyers behave this week and analyze the probability of fixing Ethereum price above $148 on Saturday.

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Ethereum Price and Technical Market Analysis January 7th, 2020

  • Buyers managed to test the critical price zone $138-145.
  • Unless buyers increase aggression and volume in the market, black wedge consolidation will continue.
  • After fixing above the mark $148, the final target of buyers is $210 with a temporary stop at $167.

Long enough, with deep correction and suffering, however, buyers have still reached a critical point in Ethereum market, namely the price zone $138-145. And they did not just get there, but confidently entered this territory; practically tested the upper trend line of the black wedge. The situation remains tense as buyers, by raising Ethereum price to a critical point, have taken the opportunity to break the global trend of sellers. It has existed for half a year.

The most interesting thing is just getting started, where the price will go – up or down. We did not notice much efforts by sellers to stop growth in Ethereum market. Yesterday’s candle closed with a hint of continued growth. Today, having come across sellers’ limit orders at the price $144, sellers are not trying to aggressively impose their game.

At the 4-hour timeframe, we see that buyers have tried today to get out of the usual growth channel, which is more like consolidation at an angle:

Ethereum Price and Technical Market Analysis January 7th, 2020

However, sellers have been able to get back Ethereum price within this channel. During the unsuccessful attempt to break through the price range of $138-145, sellers will move the price down to the mark $130 where the bottom trend line of the current channel passes.

Margins of buyers after the local high test continue to decrease:

Ethereum Price and Technical Market Analysis January 7th, 2020

Although, the decrease of buyers’ marginal positions within 4 days is less than their increase since 2 January.

Sellers for the second day are trying to increase their marginal positions. It is basically logical, because Ethereum price has reached a critical point, from which usually reflected:

Ethereum Price and Technical Market Analysis January 7th, 2020

According to the wave analysis now we will see whether the wave (c) has completed its formation. Or whether the current growth attempt is another correction before the new low is updated:

Ethereum Price and Technical Market Analysis January 7th, 2020

If Ethereum price is fixed above the mark $145, the next stop is possible at the mark $167, continuing its growth to $210.

Nevertheless, for such growth, buyers need to show more serious volumes with aggressive candles on a weekly timeframe. Let’s see how the situation on Ethereum market will change on Thursday’s new price movement analysis.

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Ethereum Price and Technical Market Analysis January 5th, 2020

Ethereum Price and Technical Market Analysis January 5th, 2020

  • Buyers managed to test the price zone $138-145 without sharp counter-attacks from sellers.
  • The consolidation range is narrowing and to break it down, it’s enough for sellers to lower the price below $130.
  • Local target for buyers is $143; global is $210.

Yesterday trading on Ethereum market was one of the most passive in the last month. Market participants tried to set a record by volume and by candle size. Yesterday, Ethereum price was moving in the range of 2.5%. It is strange to see such a stop after a sharp upward price movement and even near the upper limit of consolidation. There always was a hard fight. Today, buyers are trying to develop their attack and they have already tested the critical price zone $138-145.

The 4-hour timeframe shows that buyers have barely touched this range. They have not yet received a sharp response from sellers:

Ethereum Price and Technical Market Analysis January 5th, 2020

The level of volumes during the second attempt to break $138-145 is less than during the attack on 3 January. It indicates a decrease of buyers pressure. To break through such an important range, they need to gradually increase volumes to break through sellers’ limit orders. So far, everything seems to be a test of the upper limit of consolidation to continue the movement of Ethereum price within it.

As you can see in the chart, the trading range is narrowing with a blue trend line. To break the created triangle, sellers need to fix below $130 to confidently start a new wave of fall in Ethereum market up to $115.

If you analyze the marginal positions of buyers, it is noticeable that for quite a long time the indicator is near the upper trend line of the channel:

Ethereum Price and Technical Market Analysis January 5th, 2020

In addition, marginal positions are not actively moving neither up, breaking the channel and accelerating the trend nor down, consolidating in the newly created wedge.

As for sellers, today they managed to update the historical low and break the bottom trend line. The indicator of the marginal positions has never fallen below yet:

Ethereum Price and Technical Market Analysis January 5th, 2020

According to the wave analysis, buyers are fixing above the level of Fibonacci 0.618. It gives them a local perspective of continuing their growth to the level $143:

Ethereum Price and Technical Market Analysis January 5th, 2020

Global targets for buyers remain unchanged. If Ethereum price is fixed above the black wedge then the first serious stop will be at the mark $210 with possible growth continuation to $290.

The last two weekly candles on Ethereum market are closed with large pins down, giving buyers a chance to change the market situation:

Ethereum Price and Technical Market Analysis January 5th, 2020

Nevertheless, buyers can’t win the range $138-145 for the second week. If we see another such candle on the weekly timeframe next week, it will look like a correction after the fall and the initiative will go into the hands of sellers.

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Ethereum Price and Technical Market Analysis January 3rd, 2020

Ethereum Price and Technical Market Analysis January 3rd, 2020

  • Sellers were unable to keep the advantage and update the local low for the second time.
  • Buyers develop their attack with the aim of breaking through the price range $138-145.
  • In case of fixing above the black wedge, the final target for buyers is $290.

A good day turned out to be for buyers in Ethereum market. Of course, looking at the daily timeframe, significant changes of Ethereum price movement is not noticeable. The price is still in consolidation and below the price range $138-145. However, the weakness of sellers and the failure to update the local low and the absorbing counter attack of the buyers give the chance for a decent assault on the purple range. And in the long run, the test of the black wedge trend line.

On the 4-hour timeframe it is visible that sellers attack went off on 2 January  after sellers’ broken red candle:

Ethereum Price and Technical Market Analysis January 3rd, 2020

Pay attention that after this 4-hour high-volume candle, the next two candles go by inertia without much support. It is indicated by significantly reduced volumes. Thus, buyers were able to seize the initiative and reverse the local trend of sellers. And again Ethereum price stopped at the upper limit of consolidation.

Tomorrow will be important day enough to understand the growth prospects in Ethereum market. If tomorrow we see a failed attempt to break through the price range $138-145, then consolidation will continue and sellers will try to lower the price to $122. Otherwise, buyers will be able to compete for the breakthrough of the black wedge, fixing above $145 and growth continuation to $210.

Despite that marginal positions are near historical highs, buyers continue to increase them:

Ethereum Price and Technical Market Analysis January 3rd, 2020

Sellers have significantly reduced their marginal positions today, killing the hope for probable growth:

Ethereum Price and Technical Market Analysis January 3rd, 2020

According to the wave analysis, the situation in Ethereum market remains unchanged. Sellers corrected the previous wave of growth by 78.6%. Already 3 week there has a chance to close with a large pin down, which may indicate the completion of the fall wave (C):

Ethereum Price and Technical Market Analysis January 3rd, 2020

If buyers succeed in fixing above the black trend line of the wedge, the fall wave from 24 June will be completed. So, the new wave may be closed at $290 with a previous stop at the price $210. Let’s see how the weekly candle closes and on Sunday we will sum up the results of the weekly movement of Ethereum price.

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