22.02.202111:01 Forex Analysis & Reviews: Ethereum fully broke through last week's target level

Ethereum's movement last Friday allowed the formation of a local accumulation zone. The prices have returned to the break-even zone of 1870-1847, which was found a week earlier.

On the other hand, the direction of the upward impulse will be decided in the upcoming days. It is worth noting the zone of the market maker, which developed above the level of 1974.00, where limit sell orders persists. A movement to this level will allow us to consider sales. In this case, the target level will be set at 1800.00 in the near future.

In fact, trading within the current accumulation zone involves searching for entry points at the limits of the range and partially or completely fixing on opposite borders. It should be noted that the formation of a reversal pattern in the higher time frames will demand the closure of this week's trading below the opening level of the previous one. If so, this will trigger a compensation mechanism and the saturation of limit sell orders will hinder the price to move up in the medium term.