The queen of cryptocurrency isn’t doing well lately, and the Ethereum price analysis is pretty stagnant at the moment since the price is struggling to breakthrough.
Regardless of the current status of Bitcoin where the sellers can adjust the situations according to their liking. But the buyers of Ethereum are no more falling on the globally trending line, and since last December this is what that has been keeping from the sellers’ attack.
Now it would be deciding whether this current fall is just a price movement wave in the triangle or a new momentum fell after monthly consolidation:
It can be witnessed on the daily timeframe that the buyers failed to fix the critical price mark of two hundred and twenty-five US Dollars for this month:
By analyzing the volumes, it is evident that the sellers of Ethereum did not start with an aggressive attack; they still are testing the buyers’ limit.
Beginning from June 26, there has been a systematic decline in the trading volumes due to the fluctuation in the price.
In the past few days, the buyers’ mood seems to get worse, which can be witnessed in the declining marginal positions:
Nonetheless, this decline does not seem to be panicky as of yet. After the breaking of two hundred US dollars and the sellers fixing under the blue trend line, sharp closing will likely start.
The mood of sellers is still not straightforward, and the sellers’ marginal positions proceed in moving in consolidation:
The wave analysis of the month of consolidation suggests that buyers could correct fall wave from June 26 by a little over twenty-three (23.6) percent.
A relatively weak correction, with the continued fall, would predict a stronger wave of fall in price mark of one hundred and thirty-five US dollars. The first main challenge for the Ethereum sellers would be one hundred and seven US dollars:
7-day Ethereum price analysis
On the weekly timeframe, the fourth consolidation week between the two critical points can be witnessed:
In the fourth week, it can be seen that the sellers fixed below two hundred and twenty-five US dollars. While buyers are keeping that bottom trend line.