ETH Technical Analysis: It’s Time To Test $3700

Sometimes strength becomes a decisive factor in the struggle for power. ETH buyers have undertaken to confirm this fact by keeping the global trend line. In the weekly timeframes, we see that for several weeks now, candles are fighting for the opportunity to continue the growth trend in the future. Twice sellers managed to break the trend line (late January and late February). However, in the end, buyers retained control and confidently fix to the $2,500 mark. The trading volumes on the weekly candle from 21 February was the highest since September 2021. https://www.tradingview.com/x/dEsqGa3n/ However, given the trading volumes during the growth wave from January 2021, these are flowers. However, the local increase in trading volumes and the emergence of low-volatility candles with pins down signals us about the medium-term reversal of the ETH market. Moreover, on increased volumes, sellers failed to update the previous local low from 24 January. In our previous analysis, we wrote that we expect a rebound in the ETH price with the first target of $3,200. But, given the dynamics of price growth this week – this mark may be the first target. In the case of taking control of the $3,200 mark, our main target at the moment is the $3,700 mark. Given the fact that this mark was initially punched by sellers for 7 weeks down, this is a serious obstacle to a new growth wave. An alternative scenario in the ETH market will take effect if ...