Ethereum Price and Technical Market Analysis February 4th, 2020

• Two attempts of buyers to fix above the mark $190 were unsuccessful.

• The critical point for buyers is $185 now.

• The weakness of the current local fall gives buyers a chance for a new attempt to break $190 and a test of $230.

The two previous days of trading in Ethereum market were quite hot. Buyers have tried to go beyond the critical range $180-190. Currently, the best result is the test of the mark $195.81. Sellers did not allow buyers to fix above the critical range, in such a way they win the chance to counter-attack, which is now forming. On the other hand, buyers managed to pass the important price range with average volumes, without any effort, thus giving the initiative to sellers. Today, Ethereum price trading day sellers started with a 1.5% price fall. But looking at the 4-hour timeframe, the fall pattern is still sluggish and does not inspire to trust in its aggressive continuation:

We see that in Ethereum market, local lows are updated, but lazy enough and the corrections are too deep for a successful fall trend. Therefore, it is possible that in the next two days buyers will make another attempt to fix above $190.

Also, note that the growth wave from 24 January may end with the breakthrough of the blue trend line, which passes near Ethereum price mark $185. Thus, the consolidation range narrows to $185-190. Today – tomorrow it will be clear whether buyers continue their growth with the target $230, or sellers start a counterattack with the first target $155.

Marginal buyers positions continue to increase, despite some stagnation of Ethereum price, which indicates buyers confidence in the growth continuation:

Sellers have been trying to increase their marginal positions over the last 2 days. Although, the overall trend is to decrease:

The mood of sellers does not give confidence and belief in the beginning of the price fall.

Considering the current wave of growth as a correction to the global wave of fall, which began on 26 June, then buyers managed to correct by 38.2%:

Thus, the following targets for wave analysis are $210 and $230.

Already on Thursday, we will see if buyers have enough power to continue Ethereum price growth. So far, we can only follow the consolidation.

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