ETH Technical Analysis: It Is Extremely Important For Buyers To Win Back $3600
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The main trend line that buyers have been keeping since March 2021 is still under their control. Therefore, the organization of a new growth wave with the final target of $3600 - is what is now available to buyers. Though, the global picture in the ETH market is still unpleasant. The whole fall wave from November 2021 takes place on small volumes. Even now, near the local lows, we do not see any clear interest from buyers. If the new growth wave is just as sluggish and without volumes, then in the near future the ETH market will face a strong fall wave to $1720.
Technical Analysis Of ETH On The Daily Timeframe
Analyzing the price movement on the daily timeframe, we can conclude that the ETH price is in 24% consolidation. Sellers managed to test the liquidity range of $2560. It was in the range of this mark that the active inhibition of the fall of Ethereum price on 21 January began. If during the next attack of sellers the mark of $2560 remains under the control of buyers - we will expect a new local growth wave with the first target of $3200. If buyers are unable to break this mark, it could be a signal to start a new fall wave with the prospect of breaking the main trend line of buyers.
The ETHBTC Price Shows Positive Signals
The negative situation on the chart of the trading ETHUSDT pair is slightly offset by the behavior of the ETHBTC price. In the weekly timeframe, we see that on 18 October 2021 and 24 January 2022, buyers were not allowed to update local lows. However, all this happened on low volumes, but buyers kept the limits of consolidation. The last week of trading was also not marked by the low update. Therefore, the unstable situation in the ETH market is only due to the BTC fall. The stabilization of the Bitcoin market will free the hands of ETH buyers and should start a new growth wave with the first critical point of $3600.