In recent weeks, the trading price of Ethereum (ETH) has continued getting chopped up. This happened because the trading price of the asset kept experiencing a downtrend.
The bulls tried hard to push ETH’s trading price higher and above the resistance levels. However, the bulls kept facing rejection close to the resistance levels. Even now, the bears are intercepting the asset with strong rejection.
The trend shows that the trading price of the asset may continue falling but it may soon encounter strong support. The bulls may defend this level with a strong buying force.
The strong buying of the bulls may stop the trading price of ETH from experiencing a further pullback. The price chart suggests that multiple support levels are in place to challenge the bears.
Technical Analysis of Ether
The technical analysis of Ether suggests that the buyers were trying to push the asset to a high of $1,800. From there, they wanted to push it to a higher level.
However, the bears were not ready to let the bulls run the show as they pleased. They increased their selling power, which allowed them to pull the trading price of ETH to lower levels.
As the price was moving closer to $1,800, ETH’s price trend could be seen climbing higher into the top boundary of the symmetrical triangle pattern.
Just as it was expected that the bulls will manage to break out from the particular pattern, the price of the asset was pulled lower. The bears continued pulling its price lower and soon, they brought it lower than the 50-day moving average.
As of now, the trading price of ETH is at a low of $1,600 and if the bulls do not bring back their buying spirits, it may keep moving lower.
Current Situation of ETH
The current situation of ETH is bearish as the asset is hovering below the moving average. The investors are not able to find strong ground and that is going to pull its price lower.
The bulls will need to prove their impulsiveness to the bears and that is going to push the asset’s price higher. According to analysts, if the asset’s price keeps on falling, then it may land at a lower trading level.
As per data, the $1,400 trading level is the trending level for the asset. If the bulls do not let the bears bring ETH’s price lower than $1,600, then the $1,400 mark may become a strong support level for the asset.
For now, the bulls are fearing that the bears may keep trying to pull ETH’s price lower with strong selling. In that case, the asset’s price may fall to a low of $1,500.