The previous trading week on the ETH market can be officially considered as the laziest week in the last six months. The ETH price moved in the range of 6%. The last time the weekend trades were so low was in late December, just before the New Year. The market is waiting for the BTC price direction choice.
On the one hand, we can say that if we delete the previous trading week from the ETH history, the situation would not have changed. However, it was the previous trading week that called into question the scenario as we wrote about in the previous article.
Buyers Manipulate Situation in Ethereum (ETH) Market
The probability of starting a global consolidation, in the form of a triangle, became less because sellers did not show any interest. All the ETH sellers were able to demonstrate was the inability to break and fix the mark of $1700.
From 8 March, this mark is under the control of buyers. It is $1700 that protects the ETH market from the global correction beginning and fall to the range of $1250-1350.
Therefore, the scenario of the historical high update begins to increase its probability. If we consider the situation in the ETH market on a 4-hour timeframe, we see that the last local growth momentum was rather weakly corrected:
ETH Correction Shows Potential Signs of Growth Momentum
Having lowered the price by almost 38.2% after the growth wave on 28 February, sellers showed their unwillingness to take the initiative from the hands of buyers.
This fact increases the chances of a new local growth wave with a target of $2360. As we can see in the chart, the main problem for buyers to implement this scenario is the mark of $1865. Having fixed above it, we will expect the beginning of aggressive growth in the ETH market.
Another positive fact that cannot be ignored is the potential of the BTC price growth:
The chart shows that buyers almost fixed the price above the range of the previous historical high. Successful fixing of the BTC market will give investors confidence in the positive future of altcoins, including ETH.
Alternative Scenario in Ethereum (ETH) Market
Losing the control of $1,700 will return the scenario of the global semi-annual consolidation of the ETH market to combat readiness. In any case, we expect the ETH price correction as well as the entire crypto market.
The main question for us is whether buyers will be able to organize another final upward momentum. Looking at the nature of Bitcoin’s historical highs update and pushing its price in the global wedge. The beginning of the correction can be very unexpected and painful. Let’s be careful and save our profits!