Today, because it achieved our target. It's time for a new idea.
The sudden collapse of the ETH price on February 22-23 caught buyers by surprise. The main battle for the medium-term trend in the ETHUSDT market took place in the range of $1400-1430. Interestingly, from where ETH prices began to rise in early February, it returned at the end of the month. This is clearly seen in the monthly timeframe: This fact increases the probability of a scenario of protracted consolidation until June 2021. The main signal of this scenario will be a failed attempt by buyers to break the range of $1900-1950. As you can see in the chart, it is from this range that the powerful momentum of the fall began. Re-testing this range at low volumes will give sellers a new chance to test $1350-1400.
If we look at the chart of the ETHBTC pair, we see a similar situation: In early February, buyers gave sellers control over the range of 0.036-0.038. As long as ETHBTC prices are below this range, the probability of protracted consolidation is very high.
An alternative scenario is to update the historical high and test the mark of $2690 . However, another factor in such a scenario should be the update of the historical high of BTC. _______________________ 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!