In the past few days, the bulls were able to show off their buying capabilities. With their high spirits, they were successful enough in pushing Ether (ETH) over the 20-day EMA ($1,250).
However, after crossing the particular level, the bears started to react with stronger selling sentiments.
The bulls did start feeling the pressure from the bears as they were not able to push ETH much above the 20-day EMA. It came as a surprise to the bulls that the bears reacted in such a manner at the particular level.
Given the current market situation, it was a common thing for the entire crypto community as well as the ETH community.
Most of the investors were already aware that the trading price of ETH may continue to decline in the next few days.
This is exactly what happened as the trading price of ETH started to move in a downward direction.
Bears Pulled ETH below 20-day EMA
ETH had witnessed a strong rally right from the beginning of December. However, the buying level of the bulls started to lower as days passed by the midday on December 7 was the final bullish move.
On that particular day, the bears increased their selling power and came in with full force against the bulls. The bulls had no choice but to step aside and let the bears continue with their massacre.
They were able to pull the trading price of ETH below the 20-day EMA, proving what they are capable of.
Although the bulls had put up a great show the bears finally proved their might to the buyers. They proved that they had the ability to overpower them at any time given the current market sentiments.
ETH May Plummet to $1,073
Despite the trading price of ETH falling below the $1,250 level, the bears are confident that they can go on a longer selling spree.
If the bulls are not able to stop their selling momentum, then they can expect further plummets in the trading price of ETH.
If the bulls do not counter the bears with any kind of buying pressure, then the price of ETH may plunge to a low of $1,151.
This will not be the stopping point for the bears as they will continue with their onslaught and look for lower price levels.
They will convert both the $1,250 and the $1,151 levels to their strong resistance marks from strong support levels.
After making $1,151 their stronghold, the bears may launch yet another selling attack. This time, they will try and pull the trading price of ETH to a low of $1,073.
If they manage to pull it below $1,073, then there is a high possibility that ETH’s price may fall below $1,000.