It is time to sum up the weekly Ethereum trading. As for the achievements, we can note buyers who managed to go beyond the green triangle limits. However, exit beyond the triangle was not the one we usually used to see. After 2 weeks of consolidation under the blue trend line of the growth channel, buyers passively go out of consolidation. And they are not at all motivated to continue growth.
Despite the price exiting out of the triangle, our view on the distribution of forces in the market does not change. After the test of the price mark USD 225, buyers stopped in new consolidation. This price mark requires a lot of efforts and volumes. Because if you look at history, we will see that Ethereum sellers were not able to break this price for the first time:
The current volumes are not pleasing and the daily timeframe clearly shows how the trading volumes decrease every day:
Looking at the marginal positions of buyers, we see that their mood is improving. Buyers managed to go beyond the dotted channel, but let’s see if buyers retain this advantage:
As for sellers, after breaking the green trend line of the triangle, they actively began to close their marginal positions:
In general, the mood of the parties indicates a possible continuation of growth. But, we would like to see a confirmation of this in the form of volumes.
According to the wave analysis, the price attempt to increase from 17 July still looks more like the correction of the fall wave. Now, the third correction wave is forming, which has stopped before the level of Fibonacci 61.8%:
If buyers manage to capture this level, then we expect growth continuation with targets of USD 233 and USD 243.
If we analyze how buyers managed to correct the fall wave, which began on 9 July, then the indicator of 23.6% shows only the weakness of buyers. Therefore, even with growth continuation, there is a likelihood of a price reversal and a continuation of the fall in the range of USD 240-243.
The fact that the price is still outside the global blue channel adds confidence to the scenario where the fall should continue to USD 191 and with a final target of USD 160:
If you look at the previous analysis, you can see that we wrote a little bit about other targets. But the current targets are relatively corrected to the probability of USD 243 test.
Weekly candle does not give us the answer and hints about the likely price movement, because the price moved in a narrow range with small volumes:
However, it remains all day until the closing of the weekly candle. So let’s see on Monday, will the situation change dramatically on Sunday. See you in the next Ethereum analysis.
Charts Courtesy: TradingView
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