One of the biggest surprises among all crypto coins was ETH. In just 3 days, buyers were able to raise the price by more than 65%. At the same time, the critical range of $800-$840 was broken, the test of which we predicted in the previous article.
Trading volumes in the ETH market have increased significantly and the chance to update the historical high is now a real pain. The main problem for buyers to achieve this target is in the price range of $1255-$1360. Going back to the history of ETH trading, we see that in January 2018, buyers had a problem with its breakthrough. However, there is a certain solution to this problem if the trading volume, which had $42,232,570,384 during the two previous days, will not decrease.
The ETH influence on the crypto market continues to grow
The dominance of ETH continues to grow since 27 December. The figure approached a critical point – 15%.
The last time ETH had such an influence on the crypto market was in August 2018. The growing dominance of ETH may reduce BTC dependence over time. Though, to begin with, it is necessary to gain 15% of the influence on the entire crypto market and fix above the previous historical high.
An alternative scenario in the ETH market
The active ETH price growth created euphoria among investors who did not have time to buy a coin before the mark of $800. Thus, a large amount of volume was formed at the local high. If sellers manage to break the mark $965, stop orders of buyers who bought in the range of $970-$1120 will start to work:
As you can see in the chart, the price mostly moved in this range after setting the local high. Therefore, the critical point for continued active growth is in the range of $800-$840. Nevertheless, while the mark $965 is under the power of buyers – an attempt to update the historical high can begin without correction.