The titanic efforts of buyers on the weekend paid off at the beginning of the new week. On 23 December, sellers raised the question of the possible growth trend continuation without a deep correction. The attempt to break the liquidity range of $565-575 and buyers’ local trend line looked quite impressive.
And the sluggish ETH price return over the next three days highlighted the weakness of buyers. However, a long weekend this time played out to buyers’ advantage. On Saturday, buyers began storming the range of $625-640. Given the suffering of buyers in this range from 24 November, this attack looked very calm:
Sellers’ weakness and buyers’ new lease of life
Buyers patiently selected every inch of price space and looked around to see if a barrage of offers from sellers would hit them. However, closing the daily candle without problem in the range of $565-575 buyers took on a new lease of life. On Sunday, the ETH price updated the local high and showed growth by 13%.
The reason for this was a temporary stop of the BTC frantic growth and the beginning of its dominance decrease. If we exactly understand in detail when the ETH growth began, it becomes clear that investors have been patiently waiting for the right moment:
The right moment helped ETH active growth!
As we can see, the beginning of the BTC local correction starts at high volumes. At this time, ETH sellers also became more active. However, after two hours at increased sales volumes, the BTC price showed that demand for the coin remains high. It was after this point that the BTC dominance continued to decline, and the ETH impact rapidly grew:
In fact, during Sunday, the situation with the ETH dominance drastically changed. Thus, the indicator could not be fixed below the mark of 10.63%. Looking at the two aggressive daily candles on the chart, there is a high probability that the ETH impact actively continue to grow same as Ethereum price.
The ETH price increase did not affect the gas price
The active growth in demand for ETH did not restart the Ethereum network. This is evidenced by the gas price, which remains in a stable range, despite the ETH price growth.
This fact is ensured by the steady validators growth that strengthen the network and add Ethereum stability and scalability on a daily basis. Interestingly, this does not depend on whether the ETH price is growing or falling.
The critical range is broken and the next target is the long-awaited range of $800-840. The growth dynamics suggests that buyers should test this range fairly quickly. Nevertheless, given that BTC has updated its historical high, and ETH has not even come close to it – the prospect of early growth is quite high.