ETH Technical Analysis: Buyers' Weakness And Risk Of Falling To $1780
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If buyers fail to take control of $3000 this week and the price closes below this mark again, the end of February 2022 could be quite deplorable for investors. In this case, the Ethereum price will fall to the range of $2400 and this will be only the first target. The final target of sellers is around $1780. For such a sharp fall of the ETH price, it is also necessary for the BTC price to break the $42,000 mark. In this case, the entire cryptocurrency market will actively continue its fall wave.
Technical Analysis Of ETH On The Daily Timeframe
Analyzing the movement of the ETH price on the daily timeframe, we see that there is still a chance to continue the growth of ETH. To do this, buyers need to maintain control over the local range of $2750. This range has served as a resistance zone for sellers since the end of January 2022. If buyers have a plan to continue to grow, it is from this range. In addition, we see that the trading volumes when approaching the mark of $2750 begins to decline and the price slows down the dynamics of its decline. In that case, we expect a first growth target of $3220. If buyers can break this markup, the growth trend will continue and the next target is $3700.
The Price Of ETHBTC Does Not Show Positive Dynamics
After the rebound of the ETHBTC price on the weekly timeframe from the trend line, we expected a sharp fall. Such a rebound began, but last week sellers completely disarmed buyers and absorbed all their achievements. The price of ETH is again close to the trend line and in the best case, market participants expect consolidation in the range of 0.068-0.073. In the worst case - in front of a new fall wave with the first target of 0.054. Trading volumes remain catastrophically low, so a consolidation scenario is likely.