ETH Technical Analysis: The Maximum Growth Target Is $3300
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The critical point of $3000 from which the last local fall wave was formed in September 2021 is under the control of sellers. Trading volumes are low and the prospect of the fall continuation is up to $1700. However, will sellers be able to continue to put pressure on the ETH price without correction?
In the weekly timeframe, we see that after trying to fix below $2300, buyers showed character. The $2300 mark is the middle line of the $1700-$3000 consolidation range. In this range, the ETH price was traded from May to July 2021. At the moment, we do not expect a strong growth wave and the maximum target is $3300.
The fact is that in addition to the important range of $3,000, in which in the past there was considerable interest from buyers, the trend line was lost. Buyers kept this trend line throughout 2021. Therefore, given these facts, one should expect another fall wave in the ETH market globally.
ETH Technical Analysis On The Daily Timeframe
The concentration of local interest of buyers around the $2300 mark is perfectly noticeable in the daily timeframe. Consolidation on increased volumes and false breakdowns of $2300 is a clear confirmation of this. For a week, the ETH price was in a narrow consolidation, where buyers accumulated volumes for the local growth wave.
The first target of buyers is a mark of $3000. If after the test of this mark, buyers keep the range of $2500 then the price rollback after a strong fall wave is not over. In this case, we will expect a test of the lost trend line of buyers. From this trend line, we will expect the formation of a new fall wave with a final target of $1700. But, this is a negative scenario if buyers do not keep $2300.
The ETHBTC Price Is In Global Consolidation
In our previous analyses, we pointed out that breaking the global consolidation on the ETHBTC chart will give buyers a green light for a new growth opportunity. Though, the breakdown of the upper limit of consolidation up in late November 2021 did not inspire market participants to bull run. Thus, the ETHBTC price again fell within the limits of consolidation and actually tested its lower limit.
The chart shows that in the past it was after the test of this limit that buyers found the strength to form a new growth wave. Given the fact that the last weekly candle was closed with a pin-down and the new one started active growth, the probability of the ETHBTC price growing by at least 10% is quite real. Whether buyers will have the strength to change the form of consolidation and move its upper limit to the range of 0.091 should be observed during February 2022.