ETH Technical Analysis: A Critical Point For The Growth Is $3400
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Due to the fact of probable local correction of the BTC price, the probability of breaking this trend line during the current attack has decreased. Ethereum trading volumes have not appeared since July 2021. That's why we can't talk about a confident change of mood in the ETH market. If buyers succeed after the breakdown of the mark of $3400 kept the range of $3000 it will be the first serious signal to turn the price up. In this case, the first and main target in the ETH market will be $4200.
Technical Analysis Of ETH On The Daily Timeframe
As of 5 February, volatility in the ETH market has significantly decreased. When approaching the trend line, buyers hid and did not increase capacity to ensure its breakdown. In addition to the trend line, buyers should overcome the mark of $3400 and at the moment it is difficult to do without correction. In addition, if you look closely at the concentration of trading volumes and the interest of market participants, it becomes clear that the mark of $3000 is no longer interesting. The main liquidity was formed in the range of $2400-$2600. In the event of a BTC price correction, it is catastrophically important for Ethereum buyers to keep this range. Otherwise, we will see a continuation of the fall wave with a probable acceleration of the price to $1700.
ETHBTC Price Pushed Away From The Lower Limit Of Global Consolidation
Starting in May 2021, the ETHBTC price is in consolidation. A recent lower limit test allowed buyers to launch a counter-trend. However, in the weekly timeframe, we see that the price movement is not as bright and clear as, for example, the Bitcoin movement. Therefore, the probability of trying to update the local low is quite high. But, this fact should be taken as a test of buyers for the strength and future reversal of the ETHBTC market. The fact is that the price has reached the lower limit of consolidation at low volumes and without an aggressive bid for a breakdown of consolidation at the bottom. Therefore, we do not expect an aggressive decline in the ETH market in the near future.