ETH Technical Analysis: On The Verge Of Collapse To $1700

Time Stamp: March 7, 2022 5:33 AM
Source Node: 1202845

Ethereum attack

The good chance of buyers during the week of 28 February to push the ETH price from the bottom trend line ended sadly. For the second week in a row, sellers manage to close the weekly candle below the opening price. At the moment, buyers are ready to fight below $2600, and sellers are ready to fight above $2600. Therefore, in the best-case scenario, the ETH market may consolidate in the range of $2400-$3200 in the coming weeks. https://www.tradingview.com/x/0AJxDf0S/ The weekly timeframe shows the ETH price is moving in the range of the trend line, which is the last buyers’ support to form a growth wave to $3860. From this mark, another fall wave with the first target of $1700 will most likely begin. However, even for such a locally positive scenario, buyers should close the weekly candle from 7 March above the $2600 mark. In this case, next Monday you can consider the ETH cryptocurrency for investment with a prospect of growth of 40% up. Technical Analysis Of ETH On The Daily Timeframe https://www.tradingview.com/x/Tc73xo1e/ If you look closely at the consolidation of the ETH cryptocurrency in the daily timeframe, you can see how the price reaches an important local range of $2400-$2470. Why is this range so important? In the period from 21 to 28 January in this range, buyers began to slow down a powerful fall wave and eventually stopped it. So we see false breakdowns in the $2400-$2470 range during this period. However, all daily candles were not closed below this range. Also, a false break of the range of $2400-$2470 provoked a sharp jump in the ETH price by 25%. Therefore, if the ETH price without much effort will test this range and we will see on smaller timeframes increase in volumes and the beginning of aggression of buyers – it will be a good signal to turn ETH within the consolidation of $2400-$3200. The ETHBTC Price Is On The Trend Line https://www.tradingview.com/x/J1I3tK5i/ This trading week on the ETHBTC market will be crucial. Buyers could not successfully close the weekly candle from 28 February. Therefore, the new trading week of 7 March will be held in the fight for the global trend line. In the weekly timeframe, we see that this trend line perfectly restrained price growth on 20 September. Now just as confidently restrains the ETHBTC  price from falling. In case of loss of control by buyers over this trend line, we will expect the ETHBTC price to fall to 0.0596. From this point, the global consolidation of the ETHBTC price in the range of 0.0596–0.078 is likely to continue. In this case, the ETHUSDT price may fall by 10%-15%, after which a new local growth wave is inevitable.

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