Ethereum has had issues moving to the upper channel after breaking down from $1800 some days ago. With Ethereum presently below the moving averages, it only needs the push of the bulls to make it past the $1800 mark.
If the sellers continue their activities, they might push the asset closer to the lower boundary. A deep fall is expected to push the asset close to $1600, and if the bears enter the market, they would eventually be able to push the asset closer to $1500.
Ethereum needs the bulls to break above
In the same vein, if the bulls enter the market and defend it against the bears, they would be able to take it above the moving averages and push it above the $1800 mark. If the push above $1800 happens, the digital asset could see its first resistance at $1900. If the bulls establish their presence in the market, the price fold sees a push to pull above $2000.
At this point, the bulls would be expected to continue pushing the asset and move it close to the last key resistance at $2100. Another thing about the asset is that it is slowly moving closer to the lower region of the 40 level of its RSI.
With this, the previous bill runs that the asset saw is beginning to fade, with the bears expected to push their way into the market. If the asset can bounce back above the 45 level, they could trade well above and trigger the much-needed push above the $1800 mark. However, if it fails to muster the move, it could see a big breakdown below the price.
Ethereum has been seeing troubles against the leading digital asset, Bitcoin, since last week. Last time out, Ethereum saw a break below the lower channel after moving from its first support zone at 3100 Satoshi to sell at 3000 Satoshi. Presently, its critical support level is seen below the lower boundary channel. As it stands now, Ethereum is trading neutrally with the asset frantically trying to move close to the 3050 Satoshi region.
However, if the digital asset sells around 3050, we would officially see a bearish run, and it would be hoping that the bulls mount support at 2500 and some other levels below. To establish the presence of the bulls, the asset must first trigger a break above 3500 Satoshi before going on to surge above the 40 level of the RSI.