Ethereum (ETH) buyers are not ready to invest in BTC owing to the continuous increase in the volume of ETH. The crypto-market is volatile and therefore, there are numerous price fluctuations. The prices of coins are moving in the vector directions which is a good sign.
The important coin ETH has been performing really well and has crossed the crucial zone around two hundred and sixty dollars to two hundred and eighty dollars ($260-$280).
The sellers are continuously increasing in the price zone however, the marginal areas for buyers are surging this week.
The wave dynamics on the chart shows that if the crucial point of USD 260-280 has been crossed there will be no further hindrances in achieving three hundred and twenty dollars ($320).
The analysis of the price chart shows five candles that offer the sellers to get a chance to test the high range of US dollars two hundred and eighty-nine ($289).
While on the upper trend line of the channel, buyers are not making any progress and have stopped participating. By forming a pattern of the black trend line at three local highs the chances of correction are evident.
Another crucial point to note is the relation of the length of candles and volume. Today’s volume is greater and the length of candles are shorter as compared to yesterday’s length.
If we analyze the growth pattern of waves in different dimensions the current wave is a consequence of the correction of the global wave of fall.
If the price surged to three-hundred and twenty dollars ($320) the two likely events would be either the more increase will occur or depreciation around one hundred and seventy dollars ($170).
It all depends on the buyer tendencies and strength. So, any decision should be made on the pragmatic ground.