The price analysis data surrounding Ethereum (ETH) shows that in the past 24-hours, its price has recovered by 0.51%. As a result, the value of Ethereum is currently at $3,137.05. This means that the bulls are trying really hard not to let the bears pull ETH lower to the first strong resistance (S1) mark ($3,098.97).
At the moment, the overall situation for Ethereum seems to be neutral, which means that either side can steer ETH in their favor. However, both sides need to display a lot of strength and resolve in order to bring investors to their side.
The performance summary scale for ETH currently shows the buy-to-sell ratio to be 9:8. This means that out of every 24 investors, 9 investors are willing to buy ETH, 8 investors are willing to sell ETH, while the remainder is neutral.
This somehow puts the situation in control of the bulls but the bears still have the overall crypto-market situation in their control. Given the current situation of the cryptocurrency industry, it is highly likely that something similar to the Chinese crackdown may take place again and crash the entire industry.
Even the moving averages and the oscillator scales are currently indicating a neutral trend. However, the RSI is currently pointing towards the value (47.49), which means it is still within the negative territory.
Still, the bulls are aiming to rally and bring up the price of Ethereum with strong buying. At the moment, the investors are aiming to bring ETH close to the 20-day SMA ($3713.51), and for that, they need to first achieve R1.
The investors would need to must a lot of strength in order to build a strong rally and bring ETH close to the first strong resistance (R1) mark ($3,463.62). If the bears are not able to match the buying power of the bulls, then ETH may succeed in hitting the 20-day SMA.
Once the milestone is hit, the bulls can then eye for R2 ($3,787), which won’t be much of a challenge for them. Once R2 is hit, the bulls can then increase their buying power to hit R3 ($4,192.92).
On the other hand, if the bulls lack the strength needed to hit R1, then the bears may pull ETH lower to the first strong support (S1) mark ($3098.97). If the bears succeed, then they will easily manage to bring ETH below the 50-day SMA ($3,075.95).
From there, the trend may turn more bearish, and ETH’s price may dip to S1 ($2,734.32). The next target the bears would have would be to bring ETH lower to S3 ($2,359.14) and then down to 100-day EMA ($2,227.06).
