In the past couple of days, the bulls have tried their best to push the trading price of Ether (ETH) over a particular level.
The data shows that the buyers have been on a buying spree only to push ETH’s price over the 20-day EMA ($1,230).
The particular level is proving to be a strong resistance level for the bulls as they are trying to make it past the particular benchmark.
ETH Rebounded from $1,150
More than two days back, the trading price of ETH was at a lower trading level. The price chart shows that the value of the asset was at a low of $1,150.
The bears had the situation in their favor and they were pushing in a lot of effort to bring it lower. However, the bulls were not interested to let the bears take control of the trend.
They kept buying the dip and the price of ETH was able to rebound from a particular level. The bulls made a strong attempt of pushing ETH close to a high of $1,230.
Unfortunately, they were not able to muster up enough strength to push the trading price of ETH over the $1,230 level.
The bulls and the bears have been at each other’s throats since December 22. Despite the efforts, the price of ETH has not moved in favor of either side.
Just like Bitcoin, the ETH buyers have demonstrated strong buying sentiments. They have shown that they will not let the bears take control of the trend without putting in the extra effort.
The bulls will continue pushing harder and keep buying the dip in order to keep ETH over the $1,150 level. On the other hand, the bears are holding on to strong sentiments defending the $1,230 level.
The Moving Averages and the RSI are Bullish
The moving averages for ETH are currently in the positive direction. It appears that the bulls will be able to achieve the 20-day EMA level if they increase their buying power.
If only the bulls are able to keep up with their strong buying sentiments, the price of ETH will continue moving higher.
The RSI is also moving in the bullish zone as the bulls are fighting against the bears against every dip.
If the bulls manage to cross the $1,230 level, they will be able to push through the next 50-day SMA of $1259, which will be the very next target for the bulls.
If things work out in favor of the bulls, they will be able to push ETH all the way up to a higher figure of $1,352.