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Cryptoknowmics 2022-03-07 10:33:31

ETH Technical Analysis: On The Verge Of Collapse To $1700

The good chance of buyers during the week of 28 February to push the ETH price from the bottom trend line ended sadly. For the second week in a row, sellers manage to close the weekly candle below the opening price. At the moment, buyers are ready to fight below $2600, and sellers are ready to fight above $2600. Therefore, in the best-case scenario, the ETH market may consolidate in the range of $2400-$3200 in the coming weeks. The weekly timeframe shows the ETH price is moving in the range of the trend line, which is the last buyers’ support to form a growth wave to $3860. From this mark, another fall wave with the first target of $1700 will most likely begin. However, even for such a locally positive scenario, buyers should close the weekly candle from 7 March above the $2600 mark. In this case, next Monday you can consider the ETH cryptocurrency for investment with a prospect of growth of 40% up. Technical Analysis Of ETH On The Daily Timeframe If you look closely at the consolidation of the ETH cryptocurrency in the daily timeframe, you can see how the price reaches an important local range of $2400-$2470. Why is this range so important? In the period from 21 to 28 January in this range, buyers began to slow down a powerful fall wave and eventually stopped it. So we see false breakdowns in the $2400-$2470 range during this period. However, all ...

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