It was on February 24, 2022, when the price of Ether (ETH) went below the support line. However, the bears were not able to demonstrate much strength in pulling ETH’s price any lower. As a result, the price of ETH started moving towards a recovery mark.
The data shows that the bears were unable to sustain the force from the side of the bulls as they kept pouring in money to bring ETH up. Therefore, the bears could only keep the price of ETH to a lower figure for a short period of time.
The candlestick pattern also shows that the investors were in high spirits to bring its value up. The positive sentiments of the investors were clear from the long tail of the candlestick pattern. The candlestick pattern represented high interest/sentiments of the investors in accumulating ETH.
This is the reason why the investors started accumulating ETH at lower levels in order to launch low-level rallies. This has helped in pushing the price of ETH to a higher figure.
For now, the behavior of the investors towards Eth is to buy it at lower levels whenever there is a dip. This way, the investors keep pushing back against the bears and keep the sentiments of the bullish investors intact.
The 4.46% growth of ETH in the past 24-hours goes to show that the investors are trying to gain re-entry into the bullish trend for ETH. They are trying really hard to bring ETH within the triangle where the price of ETH may start getting pushed upwards.
At the time of writing, ETH is exhibiting a unit price of $2,881.31 per ETH. The first challenge for the investors in this particular case would be to push and go beyond the $2,988.62 figure. By achieving the particular figure, the investors will be able to launch an uptrend. This way, the investors would gain the opportunity of pushing ETH close to the second benchmark of $3,173.92.
If things start going in favor of the bulls, then they may want the investors to increase their buying power to push ETH higher. If the investors end up doing exactly what the bulls expect of them, then ETH my rise up to $3,370.70 per ETH.
For now, the bulls are able to resist the bears with their buying power. In a case where the investors back out and the bears gain the lead, they may start pulling ETH’s price lower.
If the bears gain the lead, they may start pulling its price lower, and the first mark they hit would be $2,583.38. If the price of ETH falls to this point, then the bears may initiate another selling activity to pull ETH lower to $2,363.08, and then to $2,159.33.
The post Ethereum to Hit a High of $3,370 or a Low of $2159, Price Analysis appeared first on CryptocyNews.com.
from CryptocyNews.com https://www.cryptocynews.com/ethereum-to-hit-a-high-of-3370-or-a-low-of-2159-price-analysis/
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