Ethereum Price and Technical Market Analysis January 17th, 2020
发布时间：2020-01-19 14:01:13 发布人：TokenString
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:
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:
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:
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):
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.
BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.
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:
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:
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:
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):
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.
BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.
