March 19 proved to be a good day for the Ether (ETH) bulls who saw a great improvement in the price of Ether. After hovering below the $3,000 per ETH mark for a very long time, the bulls were finally able to demonstrate their acquisition power.
The outcome of the strong buying power of the bulls was that the price of ETH was pushed over the $3,000 per ETH mark. Unfortunately, the same day, the bears showed their selling ability, which resulted in ETH price retreating from the overhead resistance mark.
As the bears exerted their selling pressure, the price of ETH soon gave up and fell below the $3k per ETH mark. However, the bulls also demonstrated high acquisition power just as the price of ETH came close to hitting the range of moving averages the very next day.
Yet again, the bulls managed to prove that they are not ready to give up on ETH’s rally that easily. They started accumulating ETH on a lower level, which kept it over the moving averages. The bulls are constantly buying the dips that have been created by the bears on a lower level.
Bullish Approach may Cross $3,500 per ETH Barrier
However, there is still fear among the bulls that the bears may not be using their full force against them. Therefore, the bulls may have to increase their buying power and they need to do it before the bears gain more interest in running a bearish trend.
If the bulls manage to take action against the bears at the right time, ETH may end up getting closer to the resistance channel. This would mean that the price of ETH may start ascending significantly.
The bulls may attempt to cross the $3,250 per ETH mark in the next few days, hoping to launch a stronger bullish trend. If the bulls do manage to cross the $3,250 mark, then a bullish trend would definitely be launched.
This would result in pushing the price of ETH high into the resistance zone. In the due course, the bulls may increase their power of acquiring ETH, which would be a strong positive signal in favor of ETH.
If that happens, then the value of ETH may hit and cross the $3,500 per ETH mark. Later, the bulls may attempt to hit higher price marks by forming stronger rallies in favor of ETH.
Bearish Trend may Plunge ETH to $2459.69
As for the bearish trend, if the bears implement enough selling power, then the price of ETH may fall lower than the moving averages.
If ETH falls below that point, the bears may attempt to bring ETH’s price lower to $2,700 per ETH. If the bulls keep retreating against the bears, then the bears may gain the opportunity to launch another major selling spree.
Such a trend formed by the bears may push the value of ETH down to the strong support line to $2,459.69 per ETH.