It was on May 29, when after a long period, Ether (ETH) had successfully crossed the $2,000 mark. For the next two days, the trading price of Ether was able to sustain the pressure coming from the bears.
At that point, it seemed that the bulls will be able to take the pressure coming from the bears. However, it wasn’t the case at all because soon, the bulls ended up feeling exhausted and on May 31, things turned for the worse.
On May 31, the trading price of Ether ended up falling below the $2,009 mark, which is the 20-day EMA. The drop in the price of Ether made it clear that despite all the efforts, it is currently the bears who are in charge of the trend.
The constant selling power of the bears showed that they were not ready to let the bulls take any control over Ether. Therefore, the trading price of Ether continued dropping, and once again, it was much lower than the $2,000 mark.
Ether’s Downstream Movement to $1,300
After the May 31 attempt that turned into a success, the bears are now confident they’ll be able to pull further down from its current price.
Therefore, the bears may continue increasing their buying power. This would end up bringing Ether down to the vital support benchmark. At present, the particular benchmark is set at $1,700.
Currently, the bulls are considering the $1,700 mark as a stronghold. Therefore, they may try their best to keep the bears off of the particular mark. They will try and buy Ether on a higher scale to shift the trend to their side.
If their efforts are not fruitful, then it’ll be the bears who will gain the opportunity of launching their selling attack. If that happens, then Ether’s trading price may start falling at a tremendous level. This would result in initiating a panic selling situation.
Faced with this particular situation, the trading price of Ether may end up at a low of $1,300.
Ether’s Price Movement to $2,159
On the other hand, if the bulls are able to compete with the bears at $1,700 and push them back, then a rebound will be in order. This would cause the trading price of ETH to grow higher.
However, to achieve their target, the bulls will need to exert strong pressure on the bears. They will need to buy ETH proactively, ensuring that the trading price of ETH keeps growing upwards.
This will allow the bulls to push ETH up to the $1,954 mark. If the bulls keep building momentum and cross the $2,000 mark again, then they will be able to push ETH over $2,159.