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Ethereum Price and Technical Market Analysis June 7th, 2020

Ethereum Price and Technical Market Analysis June 7th, 2020

  • Ethereum market trading week passed in the consolidation range $230-246.
  • Sellers do not have enough strength to fix below $230.
  • The main target $280 with a stop at $250 remains our main scenario.

Ethereum trading week began with great prospects for buyers, but passed in the consolidation range $230-246. In fact, buyers’ attack began on 30 May, after Ethereum price was firmly fixed above $216. Since then, buyers and sellers have been competing, changing the local direction of price movement on a daily basis. The price transition to the marks $230 or $246 formed a false breakdown on the daily candle and served as a foothold for a counterattack by one or another force.

During the 7 days of consolidation, buyers tried 6 times to fix above $246, and sellers only twice touched the mark $230 with the false breakdowns. Starting from 4 January, sellers have taken the initiative in this consolidation. They intend to try for the third time to fix below $230 in order to continue falling to $215. However, looking at the volumes of trades and the appearance of the daily candles, we continue to expect a new attempt to break $250 and the test of $280.

Looking at the weekly timeframe, the slowdown in the growth trend from 13 March and the gradual decrease in trading volumes are noticeable:

Ethereum Price and Technical Market Analysis June 7th, 2020

As we see Ethereum price exit up after breaking $216 is not supported by increased volumes. We think that the current price range can be a support for sellers to start the growth correction from 13 March. The upper trend line, which sellers have been keeping on Ethereum market since June 2019, has not tested yet and in our opinion, the main forces of sellers are becoming more active after unsuccessful breakthrough of this line. Closing a daily candle with a small body and a large pin will confirm the global weakness of buyers, but will not deny the probability of a new test of $250 with a target up to $280.

Locally, we see in the 4-hour timeframe that sellers today are actively trying to close the daily candle in their favor:

Ethereum Price and Technical Market Analysis June 7th, 2020

However, Ethereum price is clearly slowing down from $238. In addition, trading volumes are insufficient to break through the liquid price zone. Therefore, the probability of a new growth attempt with a target $250 and a final $280 is quite high.

The dominance of ETH in the crypto market continues to be in the range of 9.9-10%, above the upper trend line of the triangle:

Ethereum Price and Technical Market Analysis June 7th, 2020

The targets according to the dominance chart are in the marks 10.22% and the final 10.8%. Summing up the facts, we believe that next week in Ethereum market should be a turning point for buyers. It will show how firmly sellers are ready to keep the trend line from June 2019. We wish you good luck in trading, keep a cool head and increase your profits!

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Ethereum Price and Technical Market Analysis June 5th, 2020

Ethereum Price and Technical Market Analysis June 5th, 2020

  • Buyers have kept the local mark $236 and are preparing for a breakdown of $250.
  • The target of the price growth to $280 remains valid.
  • An alternative scenario – a fall to $216 is possible only after fixing the price below $230.

The previous two days in Ethereum market were in consolidation, which lasts from 30 May. After testing the mark $250, Ethereum price stopped in the range $235-245. There buyers are trying to buy out the entire offer of sellers to continue growing with a target $270-280. Also above the mark $250 is the upper trend line from June 2019. Therefore, we see the current consolidation as preparation of buyers for a decisive battle to change the global trend.

Trading volumes have declined over the past two days, along with coin volatility. Market sales amounted to 52.4% yesterday, while sellers failed to convincingly close the daily candle and update the low of the previous day. Buyers are pushing the price up to $250, reducing the range of trade and preparing for a breakdown. On Sunday we will be able to follow a serious battle of volumes above $260.

In the event of an unsuccessful breakdown of $250, the first foothold for new attempt to raise Ethereum price is at the mark $230. This mark is the lower limit of consolidation, which will be able to withstand a local attack of sellers without increased volumes. An aggressive attack will break this mark and stop at $216. However, at the moment there are no signals to reverse the local growth trend from 11 May, so we expect a breakdown of consolidation upwards.

In the 4-hour timeframe, we see sellers trying to break $236 on 4 May, where is the maximum local interest of Ethereum market participants:

Ethereum Price and Technical Market Analysis June 5th, 2020

Nevertheless, this attempt ended with a false breakdown, formed on a 4-hour timeframe and the beginning of a new attack by buyers.

ETH’s dominance in the crypto market is firmly fixed above 9.9%:

Ethereum Price and Technical Market Analysis June 5th, 2020

As we can see, the prospect of continuation of Ethereum impact increase is great. And the consolidation in the daily timeframe above the trend line of the triangle is another fact confirming it. Therefore, in the near future the probability of a breakdown of 10.25% and the continuation of growth to 10.82% are very high.

Given these facts – the main scenario of continued growth of Ethereum price to the mark $280 remains in force. An alternative scenario of $216 test is likely after fixing below $230.

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Ethereum Price and Technical Market Analysis June 3rd, 2020

Ethereum Price and Technical Market Analysis June 3rd, 2020

  • Sellers managed to test $225 on 2 June.
  • The daily candle closed with the prospect of the continuation of consolidation and the test of $270-280.
  • Having fixed below $230, sellers will have a chance to test $206.

Yesterday in Ethereum market sellers made buyers worried by testing the mark $225. By lowering Ethereum price by 9%, sellers had every chance to continue falling to $206. However, as we can see, the daily candle was closed in half with a pin, which showed the presence of buyers in the market and their desire to keep the price. If we compare the daily candle of Ethereum with Bitcoin chart, we see that buyers of ETH behave more aggressively and keep the price better. Sellers failed to close the trading day below $230. And today buyers are exploring the area to identify the real strength of sellers, which remains.

Thus, on the daily timeframe, a sloping consolidation was formed, which so far seeks to shoot up. Trading volumes yesterday were higher than during the growth on 1 June. Despite this, buyers were able to cope with this problem and closed the trading day with dignity. Market sales on 2 June were 54%. Given the sharp price fall in Ethereum market, buyers behaved quite aggressively. To continue Ethereum price fall, sellers need at least one more such attack with the fixation of the daily candle below $230 to change the mood of buyers.

In the 4-hour timeframe, buyers try to fix above the local mark $240, above which the liquid range ends:

Ethereum Price and Technical Market Analysis June 3rd, 2020

Successful fixation above this mark will give buyers a chance to continue to grow to the range $270-280 and an attempt to break the blue trend line of sellers. Looking at the volumes of the 4-hour timeframe, there is a high probability of continuing consolidation in the range $232-240. Consolidating in this range, the probability of growth with the first local stop $247 is very high. An alternative scenario – the continuation of the fall is possible after fixing below $230 and provided that the fall continues in the near future.

The dominance of ETH in the crypto market remains at the level of 10%:

Ethereum Price and Technical Market Analysis June 3rd, 2020

Over the past day in Ethereum market, the indicator has not changed and is now still on the upper trend line. Therefore, increasing the impact on the crypto market and Ethereum price growth is our main scenario now. Let’s see whether buyers will be able to test the range $270-280 by Friday and how sellers will react.

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Ethereum Price and Technical Market Analysis June 1st, 2020

  • Buyers have almost tested our main target $250.
  • The probability of $280 test and an attempt to break the trend line from June 2019 is very high.
  • Having fixed below $230, sellers can confidently lower the price to $206.

Yesterday’s trading on Ethereum market closed positively for buyers in timeframes starting from the daily to the monthly. Although sellers managed to lower Ethereum price by 5% during the day. This fact could not overshadow the excellent growth on 30 May. On Saturday, after a short stop above $216, buyers almost managed to test our main target – the mark $250.

Trading volumes since 22 May were the largest namely on weekends. During 30 May, market purchases were 61.5%. It is a very convincing fact of the strength of buyers, given that the price is at local highs. During the correction on 31 May, market sales were 52.5%. At the moment, sellers in the market are not enough to stop Ethereum price growth, so the probability of breaking $250 with a target $280 is quite real.

As you can see in the weekly timeframe, the price is approaching the upper trend line, from which it has twice turned globally, updating local lows:

Ethereum Price and Technical Market Analysis June 1st, 2020

The blue trend line and the mark $280 is the last foothold for sellers to continue the falling trend. Otherwise, we will see a global change in the trend with great growth prospects for buyers.

In the 4-hour timeframe, we see that sellers tried to take the initiative after setting a local high $247:

Ethereum Price and Technical Market Analysis June 1st, 2020

However, the price lowering in Ethereum market to $230 without much aggression showed us the local resistance of buyers, from which they will try to continue to grow with a probable final target $280. Horizontal volumes tell us that in the range $230-240 gathered a good liquidity, below which there are no big buyers up to the mark $206. Therefore, in the event of a weakness, buyers run the risk of a sharp Ethereum price fall.

On the chart of ETH dominance, we see increased interest in this coin:

Ethereum Price and Technical Market Analysis June 1st, 2020

Now the indicator is moving on the trend line and is 10% of the crypto market. The probability of increasing ETH dominance is quite high. Thus, continuation of Ethereum price growth continues to be our main scenario.

That’s why, the new trading week in Ethereum market promises to be hot for buyers. As early as Wednesday, we’ll see whether sellers can respond in kind and protect the upper trend line and the mark $280.

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Ethereum Price and Technical Market Analysis May 30th, 2020

Ethereum Price and Technical Market Analysis May 30th, 2020

  • Buyers confidently break $216 and are moving towards the final target $250.
  • A sharp response from sellers near the mark $250 may be the beginning of a price correction to $170.
  • Closing the weekly candle around $250, the next week of trading will be in the fight for the range $280-300.

During the previous two days, there was a positive dynamic in Ethereum market for buyers. By raising Ethereum price by 10%, buyers were able to confidently fix above the critical point $216 and continue to realize the prospect of growth to $250. An aggressive attack on the upper limit of consolidation, where we see high liquidity in horizontal volumes, allowed buyers to close the daily candle on 28 May without a pin up. The chance for correction and response on 29 May sellers missed, spending trading day in a narrow range $218-221. Buyers do not allow testing the mark $216 again and today they continue the attack, which has been going on for 4 days.

Trading volumes will remain average and so far it is enough for a confident growth of Ethereum price. Market purchases on 28 May were almost 65%, which shows the complete absence of serious sellers. During 29 May, sellers tried to impose a fight, making 50.5% of market sales. However, these efforts did not affect the result and the daily candle closed without threat for buyers.

In the 4-hour timeframe, we see that buyers are quite interested in Ethereum coin, practically not allowing any 4-hour candle to close below the opening price:

Ethereum Price and Technical Market Analysis May 30th, 2020

After meeting with limit orders of sellers in the range $218-221, the price growth in Ethereum market slowed down. But buyers controlled the situation, not allowing sellers to lower the price too low. Given the confident breaking candle on the 4-hour timeframe, backed by volumes, we see no barriers for growth continuation to our final target $250.

On the chart of ETH dominance, we see the movement of the indicator to the mark 10% and the upper trend line of the triangle:

Ethereum Price and Technical Market Analysis May 30th, 2020

As we can see, the indicator of ETH dominance in the crypto market has been moving in a black triangle since February 2020. Therefore, to break through and fix Ethereum price above $250, buyers will need a lot of volume. Otherwise, we will expect a correction with the first target $170.

In the weekly timeframe, we see that buyers have managed to update the local high, set in April:

Ethereum Price and Technical Market Analysis May 30th, 2020

Thus, a test of the mark $250 this week is quite possible. By closing the weekly candle without a pin, buyers will have a chance to fight with sellers at $280. Let’s see whether sellers will allow buyers to fulfill their targets so easily and on Monday we will analyze the trading situation on Ethereum market.

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Ethereum Price and Technical Market Analysis May 28th, 2020

Ethereum Price and Technical Market Analysis May 28th, 2020

  • Buyers fixed above the mark $206.
  • After breaking the mark $216, buyers claim for the test of $250.
  • Volumeless attempts to fix above $216 will lead to activization of sellers and test of $196.

During the previous two days in Ethereum market, buyers defended their right to continue to grow. Keeping the global trend line on 26 May, buyers managed to start a sharp counterattack. As a result, the growth of Ethereum price for the previous two days was almost 6%. Buyers managed to fix above the local mark $206, which we wrote about in previous analyzes. Consequently, today buyers are trying to conquer the last critical point, which has already sent the price for correction three times. This is a mark $216.

Trading volumes during the previous two days in Ethereum market remain average. So, buyers need a boost, without which sellers will again be able to test the mark $196. During the previous two days, market purchases were bigger than market sales. However, on 26 May, during the dominance of sellers, market purchases were 50.1%, and during the activity of buyers on 27 May, they were 57.8%.

In terms of horizontal volumes, we see that the first local liquidity zone above $216 is concentrated in the mark $225. Fixing above this mark will be an additional signal to continue to grow to our first target $250.

In the 4-hour timeframe, it is clearly visible how after Ethereum price fixing above the mark $206, buyers sharply continue to grow:

Ethereum Price and Technical Market Analysis May 28th, 2020

Looking at the closure of the last 4-hour candle, buyers intend to confidently continue to grow. So far, sellers are not offering the necessary resistance, except a slight slowdown in growth. Therefore, the end of the working week in Ethereum market is planned for the benefit of buyers.

In the chart of Ethereum dominance, we see a continuation of the consolidation indicator near the mark 9.22%:

Ethereum Price and Technical Market Analysis May 28th, 2020

If the active growth of BTC continues – the strength for a confident growth of Ethereum price won’t remain and the consolidation may continue around $216. In this case, the scenario of $216 retest will work out. So, let’s see how strong ETH buyers remain during the attack of $216.

According to the wave analysis in Ethereum market, buyers continue to form a wave (V), which in turn should complete the global wave (Y):

Ethereum Price and Technical Market Analysis May 28th, 2020

From this point, the correction of the growth wave may begin from 13 March, so we will closely monitor the price in the range $250-270. We will meet on Saturday and summarize the trading in the market and the probable scenario of Ethereum price movements next week.

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Ethereum Price and Technical Market Analysis May 26th, 2020

  • Buyers have not been able to fix above $206.
  • Looking at market purchases and sales from 22 May, buyers look weaker than sellers.
  • If buyers fix above $206 they will be able to compete for $216 again.

Over the last two days in Ethereum market, consolidation in the narrow range $200-206 has continued. On 24 May, buyers tried to fix Ethereum price above $206, which provoked formation of a false breakdown of this mark and the closing of the daily candle at $199.5. As for the volumes of trades, they are gradually decreasing from 21 May and the last two days are no exception.

If we analyze market purchases and sales during the consolidation period from 22 May, it is noticeable that buyers are still less aggressive. On 22 May, byuers absorbed the previous daily candle by 80%, but market purchases accounted for only 49.7%. The next day, buyers bought more confidently, but the appearance of the candle indicated the dominance of sellers above the mark $206. Sellers’ attack on 24 May was confident both in terms of the appearance of the daily candle and in terms of the percentage of market sales, which were 59.5%. Yesterday, buyers only by 1% prevailed in market purchases. These statistics show that sellers are slowly but surely reducing the trading price range on Ethereum market for a breakdown of $196 and the fall continuation.

Let’s see if buyers will be able to use this tactic to keep the next attacks of sellers and exhaust them in this range to continue their trend. However, the situation is critical for buyers, as Ethereum price is on the trend line, breaking which sellers will show a sharp price fall to $177.

In the 4-hour timeframe, we see confirmation of words about a critical point for buyers:

Ethereum Price and Technical Market Analysis May 26th, 2020

Sellers right now are trying to reverse the global growth trend from 13 March. However, the last update of the local low was rather sluggish. In addition, sellers allow quite deep corrections. The local critical point of sellers is still at $206, above which buyers can try to test $216 again.

The dominance of ETH in the crypto market has slowed down:

Ethereum Price and Technical Market Analysis May 26th, 2020

If we compare the charts of ETH and BTC dominance, we can conclude that they have a negative correlation. Therefore, for the period of probable Bitcoin growth to $9400, Ethereum activity may fall. So, let’s see on Thursday whether ETH market participants will be able to overcome the current consolidation and test the mark $177 or $216.

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Ethereum Price and Technical Market Analysis May 24th, 2020

  • Sellers kept $196 and are now moving for the test of $216.
  • The dominance of Ethereum in the crypto market is increasing and tends to 10%.
  • The main growth targets $230 and $250 remain in force.

The last two days in Ethereum market have passed in the recovery of the price level after the fall on 21 May. Within two days, Ethereum price rose by 6%, in fact completely recovering its positions from 20 May, giving buyers a chance on the growth continuation. The price growth during the previous two days was on average volumes, which shows sufficient interest of buyers at least for the re-test of $216.

An interesting fact is that there were more market purchases on 23 May, when the daily candle closed below the opening price. On 22 May, although buyers were able to raise the price on Ethereum market by almost 5%, market sales were 50.2%. Sellers do not have enough strength to slow down the price in this range and their last foothold is at $216. Whether buyers will be able to break the consolidation in the range $196-216 depends on the activity of trading today and their volume. However, the trend line is under the control of buyers and a local initiative also belongs to buyers. Let’s see if they can take advantage of it.

In the 4-hour timeframe, we see the formation of a local consolidation of Ethereum price in the range $205-210:

Ethereum Price and Technical Market Analysis May 24th, 2020

In our opinion, buyers are preparing for a breakthrough of $216 in this consolidation. Having fixed above it, the probability of continued growth and the first stop at $230 is very high. Sellers are less likely to fix below $205, but under this scenario the critical point is the range $194-196.

ETH’s dominance in the crypto market continues to increase and currently is 9.16%:

Ethereum Price and Technical Market Analysis May 24th, 2020

It is significantly noticeable compared to BTC, if we compare the rebound organized by ETH buyers and BTC buyers. Therefore, in the case of consolidation or slow growth of Bitcoin, Ethereum will grow much more aggressively.

Looking at the weekly timeframe, the situation in Ethereum market looks ambiguous:

Ethereum Price and Technical Market Analysis May 24th, 2020

At the moment, we see that sellers do not have enough strength to start forming a correction to the growth from 13 March. Nevertheless, looking at the current weekly candle, buyers also do not have enough strength. If buyers manage to fix above Ethereum price $216 today, then next week should be positive for them. Otherwise, global consolidation in the range $187-216 will continue. There are no preconditions to change the main scenario yet. So, let’s see if buyers will be able to reach our first target $230 by Tuesday.

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Ethereum Price and Technical Market Analysis May 22nd, 2020

Ethereum Price and Technical Market Analysis May 22nd, 2020

  • Buyers kept the local range $194-196.
  • Fixing above $207 buyers will again be able to compete for a break of $216.
  • Fixing above $216 following targets for growth are $230 and $250.

Starting from 19 May, sellers felt confident in Ethereum market, gradually lowering the price to the bottom trend line of the growth channel. During this local fall wave, Ethereum price fell by 10%. The critical point for buyers, who have been building a new growth wave since 11 May, was $216. In previous analyzes, we wrote that in case of unsuccessful attempt to break this mark, buyers need to prepare for the defense of the range $194-196. As a result, we see in the daily timeframe that the price simply stopped near this mark without much attempt to break it.

In addition, trading volumes at local highs were very small, which provoked sellers to start the correction. During the price fall on Ethereum market on 20 and 21 May, trading volumes increased. The percentage of market sales also increased, reaching 58% on 20 May and 62.7% on 21 May. The fall has stopped in the range $194-196 and now buyers are trying to turn the price up. Thus, sellers have demonstrated that in this price range they have enough strength to fight for the future trend. Therefore, if we see a new wave of growth of buyers with low volumes – it will be a new signal for sellers to break the trend line and the range $194-196.

In the 4-hour timeframe, we see that the aggressive fall of Ethereum price began after breaking the local mark $206:

Ethereum Price and Technical Market Analysis May 22nd, 2020

As we can see, this mark created problems for buyers on 14 May, and sellers were not be able to take control of it for the first time. Therefore, this mark will be the first indicator of the strength of buyers. In the event of an unsuccessful attempt to break this mark, sellers will continue the attack with a target $185. Below this target, sellers will open the way to $161. The current nature of price growth in Ethereum market does not look in favor of buyers. If the price continues to move in this format, we should expect a new attempt to fall and test of $200. In case of a successful test, buyers will continue to grow much more confidently.

The dominance of ETH in the crypto market for the third day is traded in a narrow consolidation:

Ethereum Price and Technical Market Analysis May 22nd, 2020

Having fixed above the mark 9.08%, buyers can expect a sharp growth of this coin, as the prospect of increasing the impact of ETH ends at 10%.

According to wave analysis in Ethereum market, the wave (Y) is now continuing to form. At the moment, we can’t talk about the final target $250, as buyers have not yet fixed above $216:

Ethereum Price and Technical Market Analysis May 22nd, 2020

Therefore, we expect confirmation that the correction of growth from 12 May is completed. And we will determine, by the nature of Ethereum price growth, what is the probable final growth target $230 or $250.

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Ethereum Price and Technical Market Analysis May 20th, 2020

Ethereum Price and Technical Market Analysis May 20th, 2020

  • Sellers managed to keep the mark $216.
  • The main scenario of the test of $250 remains valid.
  • An alternative scenario the test of $194-196 is possible after fixing below $208.

The previous two days in Ethereum market were under buyers initiative with the target to fix above $216. During 18 May, Ethereum price rose by 5%, and closed with a small pin. During this day, some of the largest trading volumes from 12 May were recorded. However, these were not breaking volumes, with the help of which you can start a new impulse. And as a result we see that on 19 May sellers reminded about themselves.

After slowing down the price under $216, sellers tried to start a counterattack. Though, as we can see, on the daily candle below there were impatient buyers, who did not allow sellers to close the daily candle in their favor. During 18 May, market purchases were 59%. During sellers’ attempt to counterattack on 19 May, the balance of power shifted slightly towards sellers. And the ratio of market purchases to market sales changed 49:51. However, this fact can be regarded as a probable beginning of the correction of sellers and not a change in forces in Ethereum market.

If we look at the nature of Ethereum price growth from 11 May, we see clear daily candles, which sellers can not confidently brake. Therefore, breaking $216 and the growth continuation to $250 continues to be our main scenario.

In the 4-hour timeframe, we see that Ethereum price is moving in the range $208-216:

Ethereum Price and Technical Market Analysis May 20th, 2020

In addition, near the mark $208 passes a trend line of buyers, conducted at local lows, where were recorded increased volume. Therefore, an alternative scenario of falling to the range $194-196 is possible after fixing the price in Ethereum market below $208.

The global critical point in this scenario is $184. Anyway, it is too early to talk about such a scenario.

While BTC’s dominance balances in place in a narrow range, ETH is meanwhile gradually losing its influence in the crypto market:

Ethereum Price and Technical Market Analysis May 20th, 2020

Nevertheless, looking at the dominance chart, it can be seen that it is a temporary correction and the prospect of increasing the dominance of ETH in the crypto market from 9% to 10% is quite high.

There were no significant changes in the wave analysis of Ethereum market and the marginal positions of market participants during the consolidation. Everyone is waiting for the beginning of the vector movement. We will meet on Friday and analyze whether buyers managed to break the consolidation and reach Ethereum price $250.

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