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Ethereum Price and Technical Market Analysis February 19th, 2020

bitcoinnews

2mon ago

Yesterday’s trading day on Ethereum market ended with 6% growth. After the unsuccessful attack of sellers during the previous two days, buyers were able to create for themselves a chance to update the local high. Now, they are actively working on it. Often mentioned in previous analyzes, the price zone $260-270 worked poorly in practice. As we can see, over a short period of time, this zone did not stop buyers or sellers.

Therefore, the range $275-285, which now collects a lot of liquidity, is much more accurate. Pay attention how significantly the trading volumes have increased on the daily timeframe in the last 7 days. In the last 7 days, buyers are fighting a fierce fight in the range $275-285.

1) There has been no correction in Ethereum market since 18 December.

2) A significant increase in volumes at local highs often means the beginning of a price reversal and an accumulation of volumes to form a new trend.

Pay attention, that just before the range $180-190, buyers made a small stop for one week, after which furious growth continued. If buyers do not update the local high this week and Ethereum price closes below $275, it will be another fact of weakening trend and the likely start of global growth correction.

Beyond the range $275-285, buyers began to sharply reduce their margins, which so eagerly increased during the fall on Ethereum market:

This fact confirms the emergence of doubts in the ranks of buyers. And location of marginal positions at historical highs adds piquancy to the situation.

Sellers, by contrast, have stopped the trend of decreasing margins now preparing for a new wave of growth:

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