ETH - 4h. Buyers Need To Hold $1700

12 feb 2021

Looking at how other altcoins are actively firing, while BTC is slowly but surely approaching the mark of $50,000 , the price of ETH is calmly standing still.
What could be the reason?

On February 5, the price of ETH began to slow at around $1750. After the first test of this mark, sellers sent the price of ETH up to $1491.

However, at this point, the sellers' aggression is over. Since February 8, ETH market participants have been actively trading the mark of $1,750 . So far, it is clear that sellers do not have enough strength to gain a keep below this mark, and soon we will see a new upward price impulse.

But the main liquidity, where buyers are actively buying ETH lately, is at the mark of $1,700 .An unsuccessful attempt by sellers to break through this mark will be a good signal to start a new wave of growth.

The first target is $1900.

If you pay attention to the ETHBTC chart, you can see that buyers have finally managed to gain a foothold above the global range of $0.0364-0.0382.

This range has held the price of ETHBTC for over 2 years. Back in September 208, sellers took control of this range. Only after the retest in January and February 2019 of this range, the price continued to fall again.

The fact that the price of ETHBTC is fixed significantly increases the chances of continued price growth in the long term.

The critical point of this scenario is the range of $1560-1610 . Below this range, a strong and fast correction of ETH will begin with a target of $1360. This is the cryptocurrency market. Everything is possible here.

Therefore, take care of your deposits and successful trading!
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