ETH Got Out the Crisis and Is Preparing for the Test of $800
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ETH Got Out the Crisis and Is Preparing for the Test of $800

December 31, 2020      Peter Oleshchuk

Investors have experienced considerable stress over the past two weeks in the ETH market. The long-awaited break of the range $625-$635 on 17 December filled the eyes of investors with bright colors about a bright future. However, this confidence has been confidently extinguished since 20 December. The failure of buyers to maintain this range and the continued BTC dominance growth gave rise to a negative scenario of ETH price movements. In the previous article, we wrote that to maintain the growth trend, it is important for buyers to keep the mark of $565. Buyers coped with this task and kept the initiative. In fact, since 24 December, the ETH price has been rising steadily, without slowing down before the critical range of $625-$635.

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The ETH Price Stopped Due to the Intensification of Sales

After the breakout of this range, trading volumes in the ETH market significantly increased. Today buyers’ attempt to update the local high has not yet succeeded. The whole problem is that sellers became active after breaking the mark of $700. The opposition of sellers led to local consolidation, which buyers are trying to push up. Although, there is one fact that can help sellers start a local price correction and test for strength the range $625-$635 again. If we analyze where the main trading volumes are located in the consolidation, it becomes clear that sellers are trying to change the market situation:

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Placing main volumes on top of consolidation could mean the beginning of a price reversal in the ETH market. To rule out this hypothesis, buyers need to break through this consolidation at high volumes and firmly fix themselves above $747. In this case, the next step of buyers should end in the range of $800-$840. We will follow the changes in the ETH market and write fresh analyses on it!

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#BTC dominance #ETH market #ETH price analysis
Peter Oleshchuk
Peter Oleshchuk

Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.