Trading week in the ETH market was spent testing investors' nerves and the strength of the $3980-$4200 liquidity zone. During the week, buyers could not find the strength to counteract the downward trend provoked by the BTC market. Sellers managed to update the local low, but failed to close the weekly candle from 22 November below the opening price. At the same time, trading volumes on the Ethereum market were almost identical to the previous week. Of course, it would be better if the weekly candle from 22 November closed in the same way, but at 2 times higher volumes. Then the probability of the beginning of a new growth wave formation will be as high as possible. And given the fact that the monthly candle closing for 2 days, the ETH market can expect surprises, both pleasant and not so much.

<img class="alignnone" src="https://s3.tradingview.com/snapshots/f/fOQw9MqQ.png" alt="ETH" width="1386" height="790" />

<a href="https://www.tradingview.com/x/fOQw9MqQ/">https://www.tradingview.com/x/fOQw9MqQ/</a>

The trend of declining trading volumes in the market continues and everyone is waiting in which direction the new vector wave of ETH price movement will start. However, given the fact that after updating the historical high of the Ethereum price, sellers have been inactive for 2 weeks, we assume that now buyers are fixing above the range of $3980-$4200.

Therefore, a very real scenario for the ETH market at the moment is the formation of consolidation in the range of $3980-$4800. Breaking the $4800 mark will provoke a strong impulse of ETH price growth with the final target of $7000. We have repeatedly written about this target in previous analyses.
<h2>Technical Analysis Of ETH On The Daily Timeframe</h2>
<img src="https://s3.tradingview.com/snapshots/o/oh4mBjqT.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/oh4mBjqT/">https://www.tradingview.com/x/oh4mBjqT/</a>

Analyzing the situation on the daily timeframe, we can see that the consolidation scenario in the range of $3980-$4800 is quite likely. The rebound that buyers started after 26 November is low. The first local problem for buyers may be around $4400. This mark can be considered the middle of consolidation. If buyers are unable to take control of this mark, it is likely that the ETH price will break the lower limit of consolidation of $3980 down. In this case, the first target of sellers is in the range of $3400-$3600.
<h2>The ETHBTC Price Is At A Critical Point</h2>
<img src="https://s3.tradingview.com/snapshots/9/9HxLGuCh.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/9HxLGuCh/">https://www.tradingview.com/x/9HxLGuCh/</a>

We can see a completely different situation by analyzing the price movement of ETHBTC on a weekly timeframe. As we can see in the chart, the price is now near the upper trend line of the triangle. The trading volumes are minimal. If buyers fail to break the consolidation triangle up, a 20% fall of the ETHBTC price is inevitable. And this is only the first probable target. The breakdown of this consolidation down will only mean the beginning of a correction in the ETH market. In this case, the BTC price should break the mark of $50,000 and continue to fall to $44,000. Therefore, the end of the year did not dispel doubts about the next step of seller's market. Therefore, the attention of investors should now be sharpened as much as possible.

ETH Technical Analysis: Buyers Are Fixing Above $3980-$4200

If buyers are unable to take control of this mark, it is likely that the ETH price will break the lower limit of consolidation of $3980 down.

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.

ETH Technical Analysis: Buyers Are Fixing Above $3980-$4200

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