Ethereum Price and Technical Market Analysis January 31st, 2020

• Buyers managed to test the global price zone $180-190.

• The critical point of the local growth trend is around $177.

• In case Ethereum price will fix above $190, the next target is $220.

Yesterday’s trading day on Ethereum market was marked by a test of a critical price zone $180-190. Buyers were able to upgrade a local high at the mark $186.75. The dayily candle closed with a small pin, but it looks pretty confident. Yesterday’s trading volumes were increased, which indicates the efforts of buyers and the belief in the growth continuation. Today, sellers need to show their reaction to the critical range test. So far, we see a rather passive decrease of Ethereum price at the 4-hour timeframe:

Sellers’ disinterest in counter-attack completely unlocks buyers. In this case, after continuation of consolidation, buyers will be able to continue building the upward trend aggressively. However, given the importance of this price zone and the previous experience of buyers in attempt to break it, we are not sure that its breakdown will happen immediately and in the short term. Last time, buyers spent more than a month and made two attempts to fix above this price range. And the result was a failure. The critical point of the current growing trend has shifted from $166 to $177.

Today, will complete its formation monthly candle, which looks quite promising. For a month, buyers were able to break sellers’ achievements during the previous two months, giving them a chance to continue their growth in Ethereum market:

Yesterday, buyers very actively increased their marginal positions:

However, the mood of sellers is not the same as that of buyers. Yesterday, some of the sellers actively increased their marginal positions, while some of them reduced, forming a considerable pin on the candle:

According to the wave analysis, buyers passed the first barrier in the form of Fibonacci level 0.382. Now, Ethereum price has stopped near the second barrier:

In case of successfully fixing above the mark $190, buyers have the prospect of continued growth with a first stop $220. Let’s meet on Sunday and fix the fact of the monthly candle closure and the main and alternative scenario of the price movement in February.

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