It was on the 30th of December 2021 when the price of Ethereum (ETH) ended up falling down to $3,500. Ethereum started recovering from that particular point and it managed to make it back to over $3,700 per ETH by 31st of December 2021.
As of now, the price of ETH is over $3,800, which is the 20-day EMA for the second-largest cryptocurrency. It is a strong support mark for ETH, which is why the bears will be given a tough time dealing with the bulls in pushing ETH’s price lower.
At the moment, the bulls are giving a strong challenge to the bears and they are trying to push ETH’s price higher with their buying power. Although the entire cryptocurrency sector is facing a slight dip, ETH bulls are not willing to give up easily on its price.
Despite the efforts from bulls, ETH is still facing a downslope in terms of its price. Its price has been experiencing a downtrend and even the relative strength index is facing the same trend. This means that even in the upcoming days, it would be the bears with the situation under their control.
If the bulls are unable to keep up with the bears in their efforts of pulling it in the downward direction, then bears will launch another attack. This may result in pulling the price of ETH even lower and the bears may drag it down to $3,270 per ETH.
The $3,270 per ETH figure would be another strong support mark for ETH and the bulls may try their best to push back. In case the bulls are not able to continue with their buying spree and are unable to launch a significant rally, then ETH may lose more in its price.
If that happens, then the price of ETH may come down crashing and end up facing an all-year-low for 2022. The analysts predict that in such a case, the price of ETH may come all the way down to $2,800 per ETH.
On the other hand, the bulls are able to move the trend to their side if they continue with their buying pressure. If the bulls are able to create a strong rally, then they will be able to push ETH’s price higher.
In that case, the bulls will be able to push the price of ETH over the $4,000 per ETH figure. If that happens, then the bulls will have balanced the trend of ETH and the RSI would have moved into the bullish zone a bit.
If that happens, then the bulls will be able to launch another strong rally, pushing ETH’s price all the way up to $4,488.