On September 27, the trading price of Ether (ETH) experienced a dip as it turned down from a high of $1,411 (20-day EMA). The data shows that the trading price of ETH fell below the 20-day EMA.
ETH Rebounded Off $1,262
As the bears launched their selling attack, they kept pulling its price to the lower side and the situation continued until September 28.
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The following day, ETH’s trading price had fallen to the support level of $1,262. However, the bulls were not ready to give up on the bears that easily.
They quickly reacted just as the trading price of ETH came close to hitting the support level. They started to buy ETH on a faster scale, which helped push the trading price of the asset higher than the support level.
A Trend has been formed
As the trading price of ETH bounced off the support level and rose to the 20-day EMA, the bears showed their reaction. They pulled ETH’s price lower to the support level and ended up forming a trend.
It is a trend where the bulls are buying when ETH reaches the support level and bears are selling when ETH closes the 20-day EMA.
ETH is stuck between Two Ranges
The data shows that the trading of the pair is stuck between particular ranges. These ranges are $1,250 and $1,410, considering the support and the resistance levels.
If the bulls want to change the situation, they will need to carry out strong buying of ETH and demonstrate their true power.
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This way, the bulls would have the opportunity of pushing ETH to a higher level than the current one. If the bulls fail to surround the particular obstacle, then the trading price of ETH may start moving in a downward direction.
If the trading price of ETH moves below the $1,250 mark, then it would mean a strong selling trend has been formed. If ETH moves over the $1,410 level, then a strong buying spree would be in order.
Merge Wasn’t a Big Help
Surprisingly, Merge has not proven to be much of a help for ETH even after 15-days of its implementation.
It was expected that ETH’s price would surge following the Merge implementation. Still, ETH is expected to move in a negative direction given the current market circumstances.
It is feared that if the bulls are not able to muster enough power and strength against the bears, then the ETH price won’t survive another selling spree at $1,250.
In that case, ETH’s price may start moving in a downward direction. In this particular case, the trading price of ETH may fall to a low of $1,000.
