ETH - 4h. Buyers gave up and began a correction to $1560-1600?
Updated
Good day everyone and have a good trading week!
The ETH market continues to move within two trend lines that form a wedge. The buyers failed to implement the optimistic scenario, which we wrote about in the previous idea.
However, this is not the worst thing. Notice how easily sellers on February 21 lowered the price by 10% and again tested the local critical point - the range of $1850-1880. After this drop, buyers have not yet managed to regain control of the ETHUSD market. This becomes clear when you look at the price of BTC. Please note that after a sharp drop on February 21, the BTC price was able to renew its all-time high again and test the mark of $58352 . The ETHUSDT price could not repeat this:
Such behavior has started to be done on ideas, so the ETH buyers are coming to an end, and the ear of corrections to the growth of 7 fierce is to be read soon.
A signal of such a scenario will break through and fix prices below the range of $1850-1880. As a result, sellers will be able to take control of the data in the range - they will be able to extend the price range of ETH to the range of $1560-1600.
The large timeframe shows that the trend line also passes near this range, which buyers have been holding confidently since January 11:
Another interesting fact can be seen by analyzing the dominance charts of BTC, ETH and USDT.
During the fall of BTC's dominance in late 2020, the ETH market revived significantly. However, since the end of January 2021, when the decline in BTC dominance began to slow down, interest in ETH has fallen sharply.
Looking at the situation on the BTC market now, in any scenario, the price of ETH will be in crisis. A sharp rise or fall in the price of BTC will have a negative impact on the ETH market. The only chance of success is the consolidation of BTC above $55,000.
In this case, ETH buyers will be able to hope for continued price movements within the white wedge and tests of the mark of $2070 . This week should be interesting!
________________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!
The ETH market continues to move within two trend lines that form a wedge. The buyers failed to implement the optimistic scenario, which we wrote about in the previous idea.
However, this is not the worst thing. Notice how easily sellers on February 21 lowered the price by 10% and again tested the local critical point - the range of $1850-1880. After this drop, buyers have not yet managed to regain control of the ETHUSD market. This becomes clear when you look at the price of BTC. Please note that after a sharp drop on February 21, the BTC price was able to renew its all-time high again and test the mark of $58352 . The ETHUSDT price could not repeat this:
Such behavior has started to be done on ideas, so the ETH buyers are coming to an end, and the ear of corrections to the growth of 7 fierce is to be read soon.
A signal of such a scenario will break through and fix prices below the range of $1850-1880. As a result, sellers will be able to take control of the data in the range - they will be able to extend the price range of ETH to the range of $1560-1600.
The large timeframe shows that the trend line also passes near this range, which buyers have been holding confidently since January 11:
Another interesting fact can be seen by analyzing the dominance charts of BTC, ETH and USDT.
During the fall of BTC's dominance in late 2020, the ETH market revived significantly. However, since the end of January 2021, when the decline in BTC dominance began to slow down, interest in ETH has fallen sharply.
Looking at the situation on the BTC market now, in any scenario, the price of ETH will be in crisis. A sharp rise or fall in the price of BTC will have a negative impact on the ETH market. The only chance of success is the consolidation of BTC above $55,000.
In this case, ETH buyers will be able to hope for continued price movements within the white wedge and tests of the mark of $2070 . This week should be interesting!
________________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!
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