Price Analysis of ETH Shows It May Fall Down to $2,652 or Surge to $3,893
On January 10, 2022, the price of Ether (ETH) ended up slipping below the strong support line. At present, the strong support line for ETH is represented through the $3,485 per ETH figure. Even now, ETH’s price is hovering below the strong support line.
This is mainly because the bears are not letting the bulls launch a strong rally. The moment the bulls launch a rally, the bears start selling ETH on a large scale to pull its price in the downward direction.
Just like all major cryptocurrencies such as Bitcoin experiencing a downtrend, ETH is also experiencing a downtrend. According to TradingView data, both the RSI and the moving averages for ETH are recording a downslope.
This suggests that the trend for ETH is in the negative zone and the bears are in control of the situation. As of now, the general sentiments of the investors are in the negative zone, which means that ETH is highly likely to dip than move upwards.
The RSI and moving averages in favor of the downtrend suggest that the bears are currently in control of the situation. They may decrease the price of ETH as they will while the bulls will need to impose a lot of buying power to push ETH’s price higher.
According to analysts, the price of ETH may end up falling between the strong support line and the psychological support level. The particular range is represented by the figures $2,652 and $3,000.
For now, the bears are attempting to pull ETH below the $3.2k per ETH mark. This is where the bulls are expected to push harder against the bears and try to elevate ETH’s price. If the bulls are not able to keep up with the bears, then the price of ETH may end up falling down to $2,652 per ETH.
In case, the bulls manage to launch a strong rally and are able to fight off the bears, they will be able to push ETH’s price higher. They will need to make several attempts against the bears in order to push ETH higher. If they succeed, then the bulls may be able to push ETH over the $3,485 per ETH price, which is the 20-day SMA.
If the bulls succeed in pushing ETH over the $3,485 per ETH figure, it would give an opening to the bulls to carry on with the rally. In that case, the bulls will be able to move ETH’s price over the $3,500 per ETH mark.
If the bulls are able to sustain the pressure from the bears, they will be able to push ETH’s price all the way up to $3,893 (50-day SMA).
