The last days of April in the Ethereum market showed some strength of this project, even in comparison with BTC. While Bitcoin market can not get out of correction and continue its global growth wave, the ETH price has updated its all-time high and is moving to $3,000. We talked about this target in our previous idea.
On 23 April, when the cryptocurrency market shook significantly, the ETH price did not update the low on 18 April. Buyers have shown that they are ready to keep the range of $2050-2110. This range was a previous historical high. The classic test of this liquidity zone proved the strength and ambition of buyers. If we analyze the trading volume, the main activity in the ETH market for the last week was on 22-23 April. If we look at the daily timeframe, we see that the new ETH update and the $2644 test provoked sellers to counterattack. However, increased volumes during the ETHUSDT price test did not allow sellers to take control of the previous ATH range of $2050-2110.
The growth trend stability of the ETH market is impressive
As we see in the daily timeframe, the price is moving confidently within the white growth channel. Local buyers’ support is around $2535. The global critical point is still in the range of $2050-2110. In addition to the fact that buyers have proven the importance of this range in the negative days of the crypto market, this range is a global trend line. Having broken this range, sellers will be able to easily reach the mark of $1750.
The ETHBTC chart predicts continued growth
Looking at the overall picture of the ETHBTC chart, we see that from 2019 the growth trend steadily continues:
Now, the price is approaching the blue trend line, where a year ago the long price correction of ETHBTC began. In addition to this fact, there are several other positive facts that indicate the continued steady growth of the Ethereum price. First of all, it is the dominance of ETH in the crypto market. If the impact of BTC confidently decreases, the ETH dominance chart indicates a serious interest of investors in this project:
According to the Ethereum dominance chart, we see that the prospect of continued growth remains, but the indicator has approached a critical range. From this range in January 2021, the ETH impact on the crypto market began to decline steadily. Therefore, our main scenario for continued ETH price growth remains valid. Though, the acceleration of the growth trend without correction is in great question.