ETH Technical Analysis: Intrigue at Historical Highs and a Target of $7,000

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    The steadily uncertain situation in the ETH market confidently continues. A clear confirmation of this was the fact that the historical high was updated last week on fairly low volumes. Starting from August 2021, each update of the local high in the ETH market is accompanied by smaller and smaller volumes. This trend very often ends in an unexpected and aggressive downward impulse.

    In addition, the ETH price on the weekly timeframe can not break away from the global trend line, which buyers have been keeping since March 2020. Therefore, to maintain control over the ETH market, buyers urgently need to start an active growth phase. Moreover, the Bitcoin dominance has been actively contributing to this since 20 October. The critical point for the continued growth of the ETH price is the range of $2900-$3000.

    Technical Analysis of ETH on the Daily Timeframe

    The situation on the daily timeframes looks clearer. The sluggish price growth during the previous week is due to the ETH price stop in the narrow consolidation range of $3950-$4160. In history, we see that this range twice stopped the Ethereum price in May and September 2021. At the moment, buyers are trying to buy the entire offer of sellers near the historical high. This technique will allow buyers to continue the growth wave without much resistance from sellers. And this is very important for a strong growth impulse. Buyers’ first target is $4750. However, the global outlook for ETH price is $7000.

    The ETHBTC Price Completes Its Correction

    The global situation in the ETH market is positive, this shows us the ETHBTC weekly price chart. As we can see, after a strong growth impulse, the ETHBTC price correction is taking place in a triangular consolidation. Therefore, the probability of a new strong growth impulse of at least 70% by the end of the year in the ETH market is the highest. The strength of growth also depends on the Bitcoin growth rate. Thus, the stability of the BTC market and fixing its price above the historical high will pave the way for the second in terms of trading volumes largest cryptocurrency for growth.



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