Despite Bearish Sentiments, A Positive Trend May Come ETH’s Way Pushing It Over $2k

On October 17, the trading value of Ether (ETH) managed to make it into the symmetrical triangle pattern. It was after a while that the trading price of ETH hit a significant value.

Bulls Failed to Sustain Bearish Pressure

Even though the bulls tried their best to fight the bears at the same level but the opposing party was stronger. They kept increasing their pressure with strong selling, which continued lowing the bullish sentiments.

Before the bulls could handle the situation, the bears increased their pressure enough that the value of ETH declined significantly on October 18.

As the value of ETH steered lower, it ended up falling to a low of $1,263. This showed the bulls that the bears have the trend in their control and they may continue pulling ETH lower in response to rallies.

Technical Indicators Hover in the Negative Territory

The data suggests that the trading price of ETH is highly vulnerable to bearish attacks and may move lower in the future.

Even the 20-day EMA for ETH, which currently stands at $1,320, has started to show signs of moving downward. It is now downsloping, which is not a good sign for the bulls.

With the moving averages moving lower, the expectations of the bulls may continue faltering. Even neutral investors may start moving in favor of the bearish trend.

Investors cannot even count on the relative strength index (RSI) because the particular indicator is moving in the bearish zone as well.

It is constantly finding itself being lowered into negative territory, which is producing more opportunities for the bears.

If the technical indicators keep pointing towards a negative trend, then ETH’s price may fall below $1,263. After that, the trading price of ETH may fall below the mark, hitting a bottom at $1,190.

ETH May have a Bright Future Ahead

ETH has not been in a good share ever since the Merge was implemented back on September 15, changing its orientation from PoW to PoS.

Despite the claims, ETH has not proven to be a high performer, which is quite alarming for the entire ETH community.

Even after the consensus change, ETH has not hit any significant milestones, as more investors still prefer the old protocol.

However, the European Union (EU) may help boost the adoption of ETH’s PoS protocol.

The continent is aiming to reduce its energy consumption in order to lower its reliance on Russia’s energy sources.

Therefore, the EU has taken the initiative of promoting PoS protocols in the region instead of the PoW protocols.

This means that the crypto mining centers in Europe would have to either limit their mining activities or switch to PoS protocols.

As the crypto mining centers want to expand their business, it would mean the PoS protocols might be adopted. This could mean that ETH may experience a great push in the upcoming days.