During the past couple of weeks, Ether, trading under ETH, has followed the price action of Bitcoin, which trades under BTC. Diligent traders noticed and played reverse off of double bottoms and bounces. When comparing daily and weekly charts for Ether and Bitcoin, there is a wedge pattern. Both Ether and Bitcoin appear to be consolidating their values into a tighter range. Bitcoin had a 42 percent rally on October 25.

As the weekly close approached, traders are waiting to see what happens. There are a few ideas on where the value of Ether might go. There are some traders who think that Ether needs to clear the values of $184.27 and $185.12 in order to reach the high volume node for its range. A double bottom pattern has returned some satisfying results for traders, because they yielded 4.3 percent gains.

The Bollinger bands for Ether are coming closer together just like they are for Bitcoin. Ether keeps riding the middle of the mark. This is typical for a cryptocurrency as it prepares to make a big upward or downward stride. Trading volume is also decreasing as the range tightens.

According to pros, a move to $187 would clear those volume nodes. It would also shift a high point to $191, which would be a 5 percent gain. No matter what, traders want to see Ether get to $194 or more. That would align with the 6 month average and the Fibonacci tracing level. It would also move the high point to about $204. The alt coin still has to get above 0.021100 Satoshis in order to get more interest. Investors are also aware that Ether has a tendency to mimic the price actions of Bitcoin. Ether could end up mirroring whatever Bitcoin does for the week.

A boost in trading volume or a bull move away from Bitcoin could push Ether's value upward. If the buying dips to $166 or less, it could end up turning into more of a bear market for Ether in the next week. That could yield some good trading options for the Ether investors.