Ethereum Price and Technical Market Analysis January 19th, 2020

• Fixing above $138-145, going beyond the black wedge and the test of $181-190, are the main achievements of buyers in Ethereum market.

• For a new attack attempt of $181-190, buyers will need to keep $154.

• If buyers can fix above $190 the next stop is at $225.

The Ethereum trading week continued the trend of buyers, which they started on 18 December. During the week, Ethereum price was moving in the range of 22%. The main success of buyers this week can be considered a breakthrough and fixation above the price zone $138-145.

In addition, buyers were able to move beyond the black wedge and almost to test the next critical zone ​​$181-190. However, as they approach this range, sellers have immediately become active. They understand that this is their last hope to keep the falling trend in Ethereum market.

If you look closely at the 4-hour timeframe, you can see that the path to the range $181-190 was not so easy:

Following the phase of sharp growth which ended on 14 January, the continuation of growth was within the local channel which sellers managed to break through today.

The latest attack from buyers within the local channel ended with increased volume of buyers. They faced with limit orders of sellers in the range $174-177. After a brief consolidation, sellers were able to easily change the direction of Ethereum price movement. The local turning point for Ethereum buyers is the mark $154. If buyers keep this mark, they can plan a new attack of $181-190.

After breakthrough of the blue growth channel on the chart of marginal positions of buyers, the last two days, buyers began to reduce their positions. Thereby, they tested the broken upper trend line of the channel. Though, on a weekly time frame it looks like a false breakdown:

Sellers have significantly increased their marginal positions this week and have good prospects for the growth continuation:

Assuming that the trend of Ethereum price fall after the breakthrough of $138-145 is complete, buyers managed to correct the falling trend from 24 June by 38.2%:

Thus, if buyers manage to balance the situation over the next week and fix above $181-190, the next critical point will be at $225:

So, on Tuesday we will see if there are any prospects for buyers and whether sellers will be able to test $154 by now.

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: TradingView

The post Ethereum Price and Technical Market Analysis January 19th, 2020 appeared first on BitcoinNews.com.

from BitcoinNews.com RSS Feed
via TOday BItcoin New