On December 2, the trading price of Ether (ETH) was experiencing an uptrend. The price of the asset had to continue surging and the bulls felt that they could run the rally for a longer period.
The bulls tried their best to keep the rally strong and running but the bears were not ready to let the bulls win. The bears launched their selling attack, and it could be seen that the trading price of ETH was moving downwards.
Bears Tried Pulling ETH below $1,251 but Failed
Until December 2, the trading price of ETH had been pushed to come close to 1,280 but the bears launched their selling attack.
As the bears launched their selling attack, ETH’s price started to move lower and I was coming close to hitting the $1,251 (20-day EMA) mark.
For a brief period, it was expected that the trading price of EHT may fall below the 20-day EMA. However, the bulls did not allow the bears to pull ETH’s price.
The bulls ended the selling aggression of the bears by acquiring ETH on an even higher scale. This resulted in the trading price of ETH getting pushed to a higher level.
The recent scuffle between the bears and the bulls has proven that the latter has no intentions of losing the opportunity of pushing ETH higher.
They are defending the 20-day EMA with a strong buying momentum. The bulls are currently demonstrating strong aggression against the bears with their buying power.
RSI is also Over the Midpoint
Just as the bulls pushed the trading price of ETH over the 20-day EMA, the RSI has also started moving in the upward direction.
The technical analysis shows that the RSI has risen over the midpoint. It is also moving in the high territory, which indicates that the trading price of ETH is to move in the upward direction.
The bulls do not have to worry about the investors going on a strong selling spree. This is because the RSI is also much lower than the “overbought” zone.
The RSI for ETH being in the bullish zone means that the bulls have a slight edge against the bears. They may successfully push the trading price of ETH into the upward zone forming a strong rally.
ETH’s Upward Movement to $1,334
If the sentiments of the investors remain bullish, then the trading price of ETH may continue to rise. However, the bulls will need to exert strong buying pressure against the selling power of the bears.
They will need to do it in order to push ETH’s price higher and defeat the bears as they will continue exerting their strong selling pressure.
If the bullish sentiments prevail, then the trading price of ETH may surge to a high of $1,300. If the momentum keeps on building, then ETH’s price may surge to a higher level.
Going forward, the bulls may go for another strong rally that may push ETH’s price to a high of $1,334 (50-day SMA).
ETH’s Price to Experience a Bearish Trend
If the bulls end up losing their buying strength, then the trading price of ETH may start declining. The first obstacle for the bears is to bring the price of ETH below the 20-day EMA.
However, the bulls may continue protecting their position with strong sentiments. The bears may find it very difficult to break the confidence and the sentiments of the buyers.
They will need to sell ETH on a higher scale and attempt to pull the RSI to their side. When that starts happening, there will be a higher chance of moving ETH to the bearish side
If the bears are able to achieve that, then the trading price of ETH may fall below the 20-day. If the selling pressure of the bears keeps on rising, then the trading price of ETH may get pulled to a low of $1,150.