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Ethereum price is still traded inside the $75 to $95 flat. Its recent increase could have been caused by the news from the ConsenSys developers.
Interest growth among the bulls
The powerful fall in the price from the top level of $95 has disrupted the structure of stable growth. That’s why further growth from the $75 limit has been mostly flat-like. However, the recent publishing of p2p-exchange called Swap by the developers of ConsenSys could have been the cause for the new increase in price.
Buy volume dominating
As we can see on the sideway diagram, the volume of buy orders is much higher between $87 and $95. That is indicated by the green color, which basically overwhelms yellow, which is sell volumes. Also, if we take a look at the buy stop orders in the order book, their volume is significantly higher than that of the sell orders. Consequently, the advantage is currently held by the buyers. If this advantage stays there, the maximal peak of the correction will be around $87. If the Ethereum price goes down to that mark, the chances of the growth resuming will be high.
Fall towards the $75 line
A large seller can take advantage of the current situation and keep selling Ethereum right until the level of $75. In order for this scenario to work, we need to pass the $87 mark. After reaching that area, we may start making more confident predictions. Growth will be less likely if the price forms a downward reversal at that level. That is because some traders who have bought between $87 and $95 will be more likely to start selling, in order to close their deals with minimal losses.
Correction towards the uptrend
Ethereum Classic price continues its rebound towards long-term growth. The limits of the ETCUSDT flat have been defined at $5 and $7. These levels will be decisive for the future development of the trend. That’s because they are essentially the levels of highest demand and supply for the current trend.
Bulls’ support near $6
The larger flat of $5 to $7 has a smaller flat formed inside itself, with the limits of $6 and $7. The bottom diagram is immediately indicative of the growth of the volume of buy orders from the level of $6. Similar growth can be seen several more times. If the situation doesn’t change, the new rebound will be followed by another period of growth. The peak of this rebound can be detected by looking at the buy stop orders. The volume of buy stop orders between $5.8 to $6.2 is much higher than that of sell orders. Thus, provided the situation stays largely the same, the chances will be on the side of growth.
If the general environment does change and the price does not have sufficient support from the buyers near $5.8, it will be likely to fall towards the bottom limit of the medium-term flat at $5. A confirmation of that scenario would be a downward reversal at $5.8.
Most likely scenarios
The maximal peak of a rebound is near $87.
- The maximal peak of a rebound is around $5.8.
- If downward reversals don’t take place at these levels and the bulls manage to hold on to their advantage, growth will be likely.
Source: blockchain news
Ethereum Price Analysis: May 10 – 16