Ethereum Price and Technical Market Analysis 7th December 2019
发布时间：2019-12-09 09:59:56 发布人：TokenString
Yesterday’s trading day on Ethereum market was at the usual for this week pace. The price range was no more than 3%. Daily candle does not inspire on thoughts of aggressive growth in the near future. Reflecting the seller’s attack on 4 December, buyers are reluctant to start a confident counterattack and fix above $155. As for volumes, they confirm the passive market situation. It seems that market participants have not yet settled their nerves from the sharp weekly candle, when Ethereum price fell by 25%:
Looking at the weekly timeframe, we see that the probability of continued consolidation near the price zone $138-145 is quite high. In this consolidation buyers should check whether they are ready to keep the price and begin global growth with the target $235, fixing above $171. For now, it is the most positive scenario for buyers as long as the price zone $138-145 is under their control.
However, we should not forget that there is a trend of sellers in the market. With each local low, the candles become less aggressive and the volumes smaller. Nevertheless, until buyers won’t be able to fix above $171, the risk of the fall continuation is high.
The falling trend is also recorded in the chart of buyers’ marginal positions. They broke through the lower trend line of the black wedge and now slowly reducing their marginal positions:
Despite the advantages in the market, sellers do not increase their marginal positions at the same rate at which they usually decrease:
Given that the margins of sellers are at historical lows, this uncertainty adds another few percent to the likely price reversal and start of growth.
According to the wave analysis, buyers corrected the price fall from 14 November by 38.2%. Given the structure of the correctional wave, we should expect at least one more growth impulse to the mark $171, in which the wave a = c:
In addition, in this price mark, buyers will correct the fall wave from 14 November by 61.8%.
On Monday, we will summarize the weekly price movement and see whether scenario of growth to $171 is likely.
BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.
Yesterday’s trading day on Ethereum market was at the usual for this week pace. The price range was no more than 3%. Daily candle does not inspire on thoughts of aggressive growth in the near future. Reflecting the seller’s attack on 4 December, buyers are reluctant to start a confident counterattack and fix above $155. As for volumes, they confirm the passive market situation. It seems that market participants have not yet settled their nerves from the sharp weekly candle, when Ethereum price fell by 25%:
Looking at the weekly timeframe, we see that the probability of continued consolidation near the price zone $138-145 is quite high. In this consolidation buyers should check whether they are ready to keep the price and begin global growth with the target $235, fixing above $171. For now, it is the most positive scenario for buyers as long as the price zone $138-145 is under their control.
However, we should not forget that there is a trend of sellers in the market. With each local low, the candles become less aggressive and the volumes smaller. Nevertheless, until buyers won’t be able to fix above $171, the risk of the fall continuation is high.
The falling trend is also recorded in the chart of buyers’ marginal positions. They broke through the lower trend line of the black wedge and now slowly reducing their marginal positions:
Despite the advantages in the market, sellers do not increase their marginal positions at the same rate at which they usually decrease:
Given that the margins of sellers are at historical lows, this uncertainty adds another few percent to the likely price reversal and start of growth.
According to the wave analysis, buyers corrected the price fall from 14 November by 38.2%. Given the structure of the correctional wave, we should expect at least one more growth impulse to the mark $171, in which the wave a = c:
In addition, in this price mark, buyers will correct the fall wave from 14 November by 61.8%.
On Monday, we will summarize the weekly price movement and see whether scenario of growth to $171 is likely.
BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.
