Ethereum Price and Technical Market Analysis March 23rd, 2020

• Sellers managed to reach a new local low $119.6.

• For today, buyers have drastically raised Ethereum price, testing the range $137-145.

• The main scenario of the fall continuation to $113 and $100 remains valid.

The two previous days of trading on Ethereum market were moving in line of the passive fall. Sellers managed to break through and fix below $130, and Ethereum price was slowly moving towards the target $113. After the global fall, major liquidity focused just at the mark $130 and by keeping that price under control, sellers were showing their dominance. However, today after two unsuccessful attempts to fix below $123 Ethereum price has sharply turned around, again testing the range $137-135.

Though, looking at the 4-hour timeframe, we see that the test of $137-145 was a false breakthrough. Sellers are struggling to keep the local initiative at the mark $130. What was that? A new wave of growth or an attempt to drive sellers out of their positions before the fall continuation?

Considering the situation with the price growth in Ethereum market at the 15-minute timeframe, we see that the biggest problems for buyers started in the range $130-133:

As we can see the first candles flew up without problems but the last three candles differ in their size and structure. In any case, Ethereum price is below the global range $137-145, which means that although locally sellers have lost the initiative, but the main range they protected. A new attempt of growth is occurring on low volumes. And it is a great chance of the fall continuation with reaching the target $113 in case of unsuccessful fixing above $133.

According to the wave analysis on Ethereum market, today’s sharp growth corrected the previous wave of fall by 61.8%:

For example, Bitcoin buyers corrected the previous fall wave by 78.2%, which shows less initiative of Ethereum buyers. Given this situation, our main scenario remains unchanged:

Therefore, we continue to wait for the test of $113 with a likely continuation of the fall to $100.

Let’s see if buyers can turn around the situation on the market by Wednesday and raise Ethereum price above $145. Then the alternative scenario will come into force and the growth continuation to $189.

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