- Buyers managed to keep their price in line within the growth limits, protecting the mark $255.
The local attack is rather weak and still does not claim to break through the range $275-285.
The probability of Ethereum price movement within the consolidation $255-285 next week is quite high.
The second attempt to continue the growth without corrections in Ethereum market and break through the range $275-285 was unsuccessful. Despite the high trading volumes on daily candles on 17 and 18 February and the nature of Ethereum price growth, sellers still managed to lower the price below the critical range and take up the global trend line of buyers.
Unlike Bitcoin, Ethereum buyers have not yet lost control of their trend line and are preparing for a new test of $275-285 in the last two days. If you look at the 4-hour timeframe, it is noticeable that sellers have taken the initiative themselves, organizing an attack on insufficient volumes:
Pay attention where the 4-hour candles were closed during the previous 16 February attack and how much higher buyers closed the candles on 20 February. Thus, a consolidation with the limits $255-285 was formed in Ethereum market. Consolidation is in the trend of buyers and now Ethereum price is moving to the upper limit of this consolidation.
What we can say about a local buyers attack? It is clearly weaker than the previous one. The candles do not look aggressive, almost every 4-hour candle is closed with a pin up. These facts indicate probable control of Ethereum market by sellers who are not aggressive yet:
Therefore, with identical buyers behavior in the range $275-285, a high probability of a local price reversal and a test of $255 is likely.
Today, marginal positions of buyers have successfully updated the historical high:
Despite the weakness of growth, buyers still believe in the continuation of the trend. Sellers for the 4th day hide their mood in consolidation on the chart of marginal positions:
The price growth does not inspire sellers to increase positions yet. Let’s see, how they will respond to the test of $275-285.
According to the wave analysis its formation completes the wave (C), which is 0.618 * (A):
So far, the global growth wave since 18 December has not even been corrected by 23.6%. Let’s see how the weekly candle closes. And on Sunday we are already forecasting a likely Ethereum price scenario for the next week.
Image Courtesy: TradingView
The post Ethereum Price and Technical Market Analysis February 22nd, 2020 appeared first on BitcoinNews.com.