ETH Technical Analysis: Buyers Are Fixed Above $2900-$3000
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Technical Analysis of ETH on Daily Timeframe
Given how easily buyers broke the range of $2900-$3000 and the lack of serious resistance from sellers, the likelihood that the price will continue growing to $3800-$4000 is very high. However, a fly in the ointment is the fact that the range of $2900-$3000 was passed on simple average volumes. Sellers did not offer any resistance, and buyers did not accelerate the wave of growth after taking control of the critical range.
Therefore, it is very important to consider an alternative scenario of returning the ETH price in the consolidation of $1700-$3000. This fact is quite possible in the case of closing the weekly candle below the range of $2900-$3000:
The Current Ethereum Trading Week Is Rather Sluggish
As we can see in the weekly timeframe, ETH market participants are not as active as in the previous week. Thus, we will not completely reject the local correction scenario to $2600. Though, at the moment this is our alternative scenario.
If we look at the fact that the ETH price closed on the 4-hour timeframe, we see that the consolidation is more like a growth channel:
There is no aggression on the part of sellers, trading volumes during the fall are average and at the critical point of $2900-$3000 sellers just give up. Given the unfinished growth wave in the BTC market with the final target of $48,000-$50,000 the chance of another boost for the ETH market is very high. However, for a strong wave of growth in the Ethereum market, the forces may not be enough.
The ETHBTC Price Is Near a Strong Resistance Zone
If we analyze the situation on the ETHBTC chart, we see that the price has reached the upper limit of the black channel. And now it is consolidating below it. The daily timeframe shows that another local impulse on average by 10% is quite possible:
Nevertheless, for a powerful growth wave, we must see the maximum increase in volumes and the beginning of aggressive growth. The weekend is ahead. Let's see what this time the "big money" prepared for us during the low activity of cryptocurrency market participants.