Buyers fixed above the mark $206.
After breaking the mark $216, buyers claim for the test of $250.
Volumeless attempts to fix above $216 will lead to activization of sellers and test of $196.
During the previous two days in Ethereum market, buyers defended their right to continue to grow. Keeping the global trend line on 26 May, buyers managed to start a sharp counterattack. As a result, the growth of Ethereum price for the previous two days was almost 6%. Buyers managed to fix above the local mark $206, which we wrote about in previous analyzes. Consequently, today buyers are trying to conquer the last critical point, which has already sent the price for correction three times. This is a mark $216.
Trading volumes during the previous two days in Ethereum market remain average. So, buyers need a boost, without which sellers will again be able to test the mark $196. During the previous two days, market purchases were bigger than market sales. However, on 26 May, during the dominance of sellers, market purchases were 50.1%, and during the activity of buyers on 27 May, they were 57.8%.
In terms of horizontal volumes, we see that the first local liquidity zone above $216 is concentrated in the mark $225. Fixing above this mark will be an additional signal to continue to grow to our first target $250.
In the 4-hour timeframe, it is clearly visible how after Ethereum price fixing above the mark $206, buyers sharply continue to grow:
Looking at the closure of the last 4-hour candle, buyers intend to confidently continue to grow. So far, sellers are not offering the necessary resistance, except a slight slowdown in growth. Therefore, the end of the working week in Ethereum market is planned for the benefit of buyers.
In the chart of Ethereum dominance, we see a continuation of the consolidation indicator near the mark 9.22%:
If the active growth of BTC continues – the strength for a confident growth of Ethereum price won’t remain and the consolidation may continue around $216. In this case, the scenario of $216 retest will work out. So, let’s see how strong ETH buyers remain during the attack of $216.
According to the wave analysis in Ethereum market, buyers continue to form a wave (V), which in turn should complete the global wave (Y):
From this point, the correction of the growth wave may begin from 13 March, so we will closely monitor the price in the range $250-270. We will meet on Saturday and summarize the trading in the market and the probable scenario of Ethereum price movements next week.
Image Courtesy: TradingView