ETH Technical Analysis: The Mark Of $1200 Can Stop The Fall

The possibility of forming a new growth wave has been highly questioned. For 11 weeks now, sellers have been able to close the weekly candle below the opening price. And all this is happening at average volumes. Welcome to the comfortable and joyful world of cryptocurrencies in 2022. Sellers have managed to lower the price to the range of the previous historical low – $1200-$1400. If buyers are able to keep this range, there will be a chance to form a rebound of the ETH price with the first target of $1700. By the nature of this rebound, it will be clear whether buyers will have a chance to continue their growth wave and test the mark of $2500. Source: https://www.tradingview.com/x/sjNUk06g/ On this note, in addition to the fact that there is a liquidity zone, there is now a trend line of sellers. This trend line is kept by sellers from November 2021. And while it is under the control of sellers, we will not talk about more serious targets of increasing the ETH price. In the event of $1200 downfall in the weekly timeframe, investors should be patient and expect the ETH price of $700-$800. ETH Technical Analysis On The Daily Timeframe Source: https://www.tradingview.com/x/g87ohzQC/ Analyzing the movement of ETH price on the daily timeframe, we can see that in the last three days of 11 June, trading volumes began to grow. This was due to a successful breakdown of sellers consolidating down around the $1700 mark. In our opinion, ...