Despite the scale of the Ethereum ETH, its market price, and trading volumes, the ETH market growth dynamics are the same as in new crypto projects without history. During April, the situation on the ETH market was consistently positive.
In our previous article, we expected the ETH price to be above the range of $1900-1985. The daily timeframe shows that this range has actually played a key role in the development of buyers’ trend:
Buyers Triumph The Range of $1900-1985
It took a steady growth wave from 27 March and 7 nervous days for ETH buyers to firmly fix themselves above the range of $1900-1985. As a result, on 8 April, the ETH market began a new growth wave, updating the all-time high and testing the mark of $2543.
A powerful wave of Bitcoin fall on 17-18 April affected the entire crypto market. However, if we analyze the short-term ETH drain during this period and the same lightning-fast buyout. Thus we get the impression of some strength and interest from investors.
This situation looks especially spectacular in the 4-hour timeframe:
As you can see in the chart, sellers needed high volumes to retest the range of $1900-1985. Though, the approach of the price to this range intensified buyers who did not have time to enter the market. Thus, the ETH market fall by 20% was completely absorbed within 4 days.
Ethereum (ETH) Influence Cryptocurrency Market Grows Despite Current Price Fall
The increase in interest in the ETH coin is also evidenced by the dominance pattern. If we compare its dynamics with the beginning of April, we see that the situation has clearly changed:
It is this factor that allows ETH price to steadily grow at a time when the BTC price is experiencing a bad period.
Given the above facts, our scenario will probably work out. And also the test of the mark of $2980 remains valid. The critical point of this scenario is the range of $2440-2470. Having lost this range, buyers will give up the local initiative and will be forced to defend again in the range of $1900-1985.
Buyers will be confident immediately after the firm fixing of the price above the all-time high of $2543. Given the steady BTC dominance fall in the crypto market, the end of April for ETH investors should be truly springtime.