For almost the second week, the ETH market froze in an intriguing consolidation below the mark of $3000. After a powerful wave of decline that ended on May 23, buyers began to recover the ETHUSDT market. Although trading volumes have been low over the past week, there is no denying the fact that buyers are confidently managing to keep control of the lower trendline and push the price of ETHUSD upwards. Reducing the impact of BTC on the crypto market has a positive effect on ETH: The chart shows that even the consolidation process in the ETH market looks much more positive than in the BTC market. In this price range, sellers are too weak to continue the downward momentum. Therefore, our subjective opinion is that during this week the buyers will succeed in low volumes, but with systematic pressure to take control of the mark of $3000. Successful breakout and consolidation of the ETHUSDT price above this mark will open the way for buyers to the important critical point of $3600. It is at this mark that there is a high risk of a repeated fall wave with a possible renewal of the local low.
If we look at the 3-day timeframe, we can see that at the moment buyers have only managed to stop the wave of the fall: That is, we saw a stop and a set of a local position to start an upward rebound. However, the buyers' attempts to return the market situation and show the real forces that remained have not yet happened.
In addition to this fact, the ETHBTC price chart adds a positive note on the ETH market: As you can see on the chart, buyers managed to almost completely absorb the fall of the weekly candle from May 17.
An alternative scenario in the ETH market will come after the sellers break through $2,550. In this case, buyers will be forced to defend themselves again in the range of $2050. ____________________________ We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements. Subscribe to us and get daily concise analytics!