Ethereum Price and Technical Market Analysis January 29th, 2020

• Buyers are confidently moving to the range $180-190.

• Growth is clearly slowing down on the daily timeframe.

• In case Ethereum price will fix above $190, the next targets are $230 and $290.

The new trading week on Ethereum market started with no significant changes in the price trend. Buyers continued their growth after a 7-day correction with the aim to test the range $180-190. Given the weakness of sellers in the current price range, it is only possible to start a counterattack from the price range $180-190.

The fact is that there are a large number of buyers in this price zone. They have been buying Ethereum since October-November, believing in growth. Therefore, during Ethereum price growth to the green range, investors will start to lose their positions in order to at least return their money. Given the current volumes, the probability of breaking through this price zone for the first time is quite low.

Analyzing the growth in Ethereum market in more detail, the 4-hour timeframe shows that buyers are clearly in a hurry without having time to correct and check the strength of their price marks:

Such growth without volumes often ends with the same unexpected fall when the price encounters a real barrier. Therefore, we will closely monitor how sellers behave in the range $180-190.

During the two days of the new week, buyers painted themselves in a bad light at the chart of marginal positions:

As we can see, the growth of Ethereum price does not inspire buyers to increase their marginal positions.

However, the growth of sellers’ price, who have left their intrigue and gone from consolidation down on the margins chart, is no longer inspiring:

Seller mood for success was rather short-lived. It is surprising, because their confidence should increase while approaching to the critical point.

Despite the good growth dynamics in Ethereum market and change of the falling trend, buyers have not yet conquered the local high. Thus, they did not completely change the trend. At the moment, buyers managed to correct the previous wave of fall (c) by almost 78.2%. It is a rather deep correction and emphasizes the fact that sellers are weak:

Therefore, all what is needed for buyers now is to fix over $190, thereby opening up the prospect of growth to $230 and $290. Let’s see on Thursday whether there is enough power have buyers to continue Ethereum price growth. And which will be the reaction of sellers about the test of $180-190.

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