In the previous Ethereum analysis, we wrote that this coin does not look as stable as Bitcoin. We said that Ethereum has a habit to fall sharply in places where Bitcoin is waiting out a storm in consolidation. For the second day, we notice that the situation has changed temporarily. Although, buyers did not manage to fix themselves again above the price mark $185. The fact is that the black trend line of the wedge was broken and this advantage has been maintained for the third day.
It is also worthwhile to pay attention to how the attacks of sellers and buyers look in the consolidation:
With a help of red arrows, we showed attempts of buyers counter-attack. We see candles with big bodies and the same volumes. However, when analyzing the attacks of sellers, we mostly see candles with pins which are not so promising. For now, it seems to be the desire of buyers to buy out the entire offer of sellers at the bottom limit of consolidation. Althought, the main problem is the price mark $185:
History shows that sellers needed 7 attempts to break through this price zone. Buyers now have made two.
The whole price movement from 29 August is more like the consolidation at an angle we highlighted with the blue channel:
Now the price has stuck to the upper limit of this consolidation and when it breaks, the next price stop will be no earlier than $200. Otherwise, $175 and $165 (continuation of price movement within the blue channel) will be waiting for us.
Ethereum buyers’ mood also looks better if talking about their margin positions:
Only today in the afternoon, Ethereum buyers slightly started to close positions. The rest of the time, buyers increase them.
Sellers have stopped closing their marginal positions and are now in consolidation:
Quite different moods in the market participants of the two most powerful coins.
In the wave analysis, the situation has not changed much. If the price really went beyond the black wedge then the first global price stop should be at $240:
As you can see, this price mark coincides with the lower trend line of the growth channel, in which the price moved until 10 August. Nevertheless, we will not count our chickens. Ahead the price mark $185 and probably a pretty nervous week. Let’s meet on Thursday and see if there used a more realistic scenario of the two proposed by us or not.
The post Ethereum Technical Market Analysis 10th September 2019 appeared first on BitcoinNews.com.
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