The previous week for Ether (ETH) was not so interesting. Buyers and sellers continue to decide their relationships in the price zone of $135–140. The volumes continue to decrease. Last week, one of the smallest volumes of the past half a year was recorded. If you analyze the daily timeframe, then you can note the regularity of the decreasing of volume:
Often, it is after such a regular decrease in volume that an intense sharp movement begins.
If you analyze the mood of buyers, then the marginal positions of buyers are stably closed. However, this happens without much panic:
However, we think if the sellers can break through the price zone of $135–140, the closing rate of marginal customer positions will increase.
The marginal positions of the sellers for a long time were moving in the falling wedge, but several days ago they came out of this wedge, beating back from the level:
The previous week-candle has completely covered the previous green candle. If sellers show some muscle then the first price stop will be in the price zone of $115–120.
Globally, the price continues to move within the falling channel. At the moment, buyers cannot test the upper trend line of the channel, which was conducted from January 2018. At the same time, the volumes are constantly decreasing. Therefore, we believe that buyers have neither the desire nor the strength to continue to grow, the price fall is inevitable.
On the chart, we conducted two lower trend lines of the triangle. As you can see, the first line of the triangle does not always work out clearly. There were occasions (such as on 6 February), when the price went beyond the limits of the triangle for a certain time, but then returned back. At the moment, sellers have broken this trend line but did it on small volumes and the price has a chance to go back:
However, the most important dashed trend line is the one that intersects with the price range of $115–120. If buyers can keep this price zone, then they will have a chance again to try to break through the price zone of $155–160. In our opinion, this is the main critical price zone of this coin:
According to the wave analysis, the fall, which began on 24 February, has not yet finished. Now the correction continues, after which we see the continuation of the fall to two targets:
If buyers do not keep $100, we think that sellers can easily upgrade at least to $83. Therefore, in order to avoid this, buyers should activate in price zones $115–120 and $100. Volumes and enthusiasm should increase, though for the moment, we cannot see signals for growth.
Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews
Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.
About the Author: Peter Oleshchuk is a trader and technical analyst. He has spent two years studying and analyzing the crypto market. Image Courtesy: Bitcoin News
The post BitcoinNews.com Ethereum Market Analysis 26th March 2019 appeared first on BitcoinNews.com.