September 9 had proven to be a day of hope and joy for the Ether (ETH) investors as its price recorded a significant rise.
For a while, Ether had found it difficult to push through the $1,700 level, which is the overhead resistance mark for the second-largest cryptocurrency.
However, on September 9, Ether was able to break through the chains as it moved towards a high trend.
ETH Crossed the $1,700 Level
On September 9, the buying power of the investors rose to a higher level. This became the reason why ETH was able to experience a great rally that pushed its trading price to a high of $1,700, taking it over the mark.
Now, as the rallying power is weakening, the bulls are finding it difficult to keep up with the selling pressure of the bears. They are unable to push ETH over the $1,800 mark.
There is great resistance that the bulls are facing as they reach closer to the $1,800 mark. The bulls facing resistance at the higher level means that the bears still have great power up their sleeves.
They have the power to initiate great selling sprees in order to inflict a huge dip in ETH’s trading price.
Bears to Pull ETH to $1,652
According to the data, the bulls are expected to be given a tough time by the bears going forward. The bears may exert a tremendous amount of selling pressure to pin the bulls and have them give up so a selling spree can be achieved.
The bears may try to attempt a strong pull from their end so ETH’s price starts to fall deeper. Although the bulls may attempt to provide strong support in order to stop the selling spree the bears have odds in their favor.
As of now, the overall market sentiments are bearish and the fear of rising inflation rates and the recession seems to be playing a huge role.
If the sentiments do not change, the bears will succeed in pulling ETH lower. They may attempt to bring ETH all the way down to $1,652 (20-day EMA) and then pull it even further.
While the RSI is traveling in the bullish zone assuring buyers, they have a good chance against the bears but the sellers are also gearing up.
If the bears show a stronger might versus the bulls, then ETH’s price may fall all the way down to $1,500.
ETH’s Upward Movement
Although the technical indicators are suggesting a bearish run, the implementation of the Merge may be the strongest driver here. It may help ETH push higher and increase its price over the $1,800 overhead resistance level.
If that happens, then the bulls have a higher chance of forming a stronger rally. This may eventually help push ETH’s price over the $2,000 mark.