A Great Battle Going On Between Ether Bears And Bulls, Making $1,200 A Battleground

As the last weekend began, the trading price of both Bitcoin and Ether was down. They started experiencing declines in their values, which is because the investors lost their interest in the assets.

The bears were in strong spirits as they kept bashing the bulls and continued with their onslaught. They kept pulling the trading prices of both assets.

Although Bitcoin was able to show some signs of a bullish move, Ether bulls were not able to make much of a difference with their buying power.

ETH Price was to lose $1,200

Compared to the rest of the weekend, Saturday proved to be more bearish. It saw the price of ETH take a huge dive and it kept on falling to a lower level.

With the pace ETH price declining, it was only a matter of time before the bears could bring it below $1,200. It is currently a strong support level for ETH and it was feared that the level would be breached.

Just a day back, the trading price of ETH was moving higher. Just when the trading price of ETH was expected to fall deeper, the bulls attacked with all their might to bring it back up.

The Bulls Reached the Resistance Ceiling

A look at the data suggests that the trading price of ETH was moving close to hitting the $1,220 mark, which was the ceiling of resistance.

The bears did not let the bulls attempt that and they pulled ETH’s price lower. This ended up bringing the ETH price down to hitting $1,200.

However, the bulls stopped the bears from pulling ETH any further and launched their attack to stop it from happening.

Current Price of ETH

At the time of writing, the trading price of ETH is hovering at $1,209.44, which is close to the support level.

So far, the bulls have stopped ETH from falling below $1,200 but there is no telling what would happen in near future.

However, as the bulls have rejected further ETH decline, it has acted as a positive indication towards a bullish trend. Due to the recent pushback from the bulls, a small bullish trend has formed around ETH.

The relative strength index of ETH is also moving a bit higher than its old position at 37.75. This is also pointing towards an inclination in the trading price of ETH in the upcoming days.

Now, the battle is going on between both sides and each side wants to bring ETH to their side. Considering the technical indicators, the price of ETH may move in a bullish direction.

By Brandon Craig
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