At the time of writing, the price of Ethereum (ETH) is hovering at $4,078.96 per ETH. The data from CoinMarketCap surrounding ETH shows it has achieved the figure after observing a 3.69% rise in the past 7-days, and a 0.01% plummet in the past 24-hours.
The data shows that as of now, the price of ETH is observing a positive trend and its price may continue growing in the upcoming days. For now, the overall trend for ETH is in the bullish zone.
The sell-neutral-buy scale for ETH shows that it is currently leaning towards the “buy” zone. It means that the investors are currently bullish surrounding ETH as they are willing to accumulate ETH instead of selling it.
It works as a reassurance for the investors that they can continue buying ETH without having to worry about an all-out bearish trend. At the moment, the sell-neutral-buy scale demonstrates a ratio of 6:9:11. This means that even if the price of ETH experiences a slight dip, the investors may push back with their ETH accumulation.
This would help keep the price of ETH in the positive trend and its price may continue increasing, moving towards an all-time high.
As of now, ETH’s price is over the $4,063.53 mark, the 20-day EMA for ETH. From this point onwards, the bulls may try pushing the price of ETH close to the pivot price $4,470.42. If the bulls manage to achieve a particular mark, they may intensify their buying power to push ETH’s price higher.
From the pivot price, the bulls may try going beyond it and go all the way up to the first resistance point, which is currently at $4,835.23. If the investors manage to make it happen, they may increase the buying power for ETH, aiming to push it above the second resistance mark.
As of now, the second resistance mark for ETH is at $4,805.34. This would be a huge achievement for the bulls and they may gain the confidence of carrying on with their buying rallies.
If the bulls keep pushing, they may be able to push its price all the way up to the third resistance mark of $5,425.42, hitting an all-time high.
On the other hand, the bears may attempt pulling ETH’s price below the 100-day EMA ($3,941.19). If the bears manage to make it happen, they may attempt to pull the price of ETH even lower by increasing their selling power. This may help bears bringing ETH’s price down to $3555.38, which is a strong support mark for the second-largest cryptocurrency.
If the bulls are unable to push the price of ETH over the strong support point, the bears may launch another sell-off for ETH. This may result in pulling ETH’s price below another major strong support price, which is $3,197.75