Ethereum Price and Technical Market Analysis April 17th, 2020

• Buyers reached our target the range $174-184.

• The critical range of buyers is $156-164.

• Confidently fixing above $182, buyers can claim the test of $200.

The nine day of price fall in Ethereum market ended with a powerful shot from buyers up to the range $174-184. Suddenly, buyers were caught by sellers and forced them to  close their marginal positions in panic. The initiative once again belongs to buyers who kept a wedge lower trend line and are ready to continue Ethereum price growth with the first target $184. Buyers raised the price by 15% yesterday. ETH again became more volatile than BTC. In addition, we noticed that on Bitcoin price fall, Ethereum price falls more passively. However, with the growth of Bitcoin, Ethereum accelerates much faster. Obviously, if a strong growing trend stabilize, we will again see a strong price growth in Ethereum market.

At the moment, the price has stopped near the liquidity range, where sellers are slowing the growth. However, sellers are still unable to break the buyers’ local trend and lower the price at least to $161:

At the 4-hour timeframe, we see small seller candles which do not compete with aggressive buyer candles at all. Therefore, the probability of breaking this local consolidation up is clearly higher. Buyers’ first critical point is $164. At this mark their trend line will be broken and Ethereum price will return to the liquid range $156-164. After sellers fix below $156, they will start their game with the first target $154. In this case, the broad consolidation of price between $154-174 will be confirmed. Although, there is little information yet to conclude whether buyers will break $174-184, but our main scenario and ending of growth from 13 March at $184 remain valid.

According to the wave analysis on Ethereum market, the newly created wave of growth (c) = 05 * (a):

At $181, we can see how strong buyers are and whether they can continue to grow above $184 with a final target $200. Let’s see on Sunday whether buyers become active in the range $174-184 and whether they will be able to reverse the current growth of Ethereum price in their favor.

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