As of now, Ethereum (ETH) seems to be having a hard time in terms of going above the $2,652 per ETH figure. It is a strong resistance mark for ETH and the investors are finding it hard to push ETH’s price higher.
For now, it seems that the bears are much stronger against the bulls and they may run the show in the upcoming days. Despite the situation being in favor of the bears, the bulls are not ready to give up that easily. Therefore, they may try and showcase their strength by launching a strong rally.
In order to push Ethereum’s price higher, the investors will have to back up the bulls and initiate a powerful rally. For now, it seems that a loop has come into being where the investors are selling ETH just as it comes close to $2,652.
However, right when the price of ETH falls deeper, the investor starts buying the dip and brings ETH’s price close to $2,652. This means that the bulls do have the ability to fight against the bears and be able to push ETH’s price higher.
This trend has been proven with the help of the candlestick on ETH’s performance graph by TradingView. The candlestick trend for ETH for February 1, 2022, is currently confirming the trend and it may continue for some time.
If the bulls are able to muster the strength, they may try to push the price of ETH up to $2,677. For now, there is not much support the bulls will be able to gain from the investors given the current situation of the entire crypto-market.
However, the bulls may be able to push the price of ETH over the $2,677 per ETH figure. If they are able to do it, then they may have another opportunity of increasing their buying power. The efforts from the bulls and their fight against the bears may push the price of ETH up to $2,802. As of now, the $2,802 per ETH price is the 20-day EMA for the digital currency.
As compared to bullish predictions, the bearish ones are expected to have a higher weight. This is because of the currency situation of ETH in the market. If the bears continue pulling ETH’s price lower, they may succeed in pressing it down to $2,300 per ETH. As of now, the $2,300 per ETH figure is the 20-day EMA for ETH.
If the trend continues, then the bears will have the chance of dragging ETH down to $2,159. This would cause the investors to pull out their accumulation in fear of further dips and it will go in favor of the bears. As a result, the selling for ETH will intensify, pushing ETH’s price all the way down to $1,700.