The past week has reportedly proven to be really promising for the entire cryptocurrency sector. However, it is the major cryptocurrencies that have benefited from the recent turn of events the most.
This is where Ethereum (ETH) has also managed to make its mark on the entire cryptocurrency sector with its high rally in the past couple of weeks.
Although Bitcoin was able to reach the overhead resistance mark, the bulls weren’t able to sustain the pressure from the bears. Therefore, the price of Bitcoin ended up closing the trading day on February 8, below the overhead resistance level.
On the other hand, Ethereum proved itself to be better than Bitcoin as ETH’s bulls did not give up on the bears. The data shows that on February 7, 2022, Ethereum crossed the overhead resistance mark and even managed to close the day above the figure.
The overhead resistance mark for Ethereum was over the 50-day SMA, which currently stands at a price of $3,208. The data suggests that the investors did put in a lot of effort in support of the bears by increasing their selling pressure.
However, the investors supporting the bulls for ETH proved to be much stronger than the bearish investors. This is the reason why it was the bullish investors who prevailed at the end of the day and managed to push ETH’s price higher.
As of now, the price of ETH is revolving around the particular figure and the bears still haven’t been able to pull its price lower. This means that the sentiments of the investors are still high in keeping the price of ETH on a higher scale.
For now, the efforts of the bulls are going in favor of pushing the price of ETH much higher. Furthermore, the bulls are trying hard to turn the bearish channel of ETH into a bullish channel.
The bulls are now going through the effort of pushing ETH’s price over the 50-day SMA. If the bulls succeed, then the bears won’t be able to pose much of a challenge, and ETH’s price may continue moving up.
If the bulls keep increasing their buying power, then ETH’s price may rise up to $3,400. If the bulls sustain pressure from the bears at the $3,400 per ETH mark, then they may be able to push ETH’s price up to $3,900.
Despite the bullish sentiments, the bears still may be able to put some pressure and move the channel in their direction. If the bears are able to increase their selling pressure, then the price of ETH may end up getting pulled below the $3,208 per ETH price.
If the bears succeed in pulling ETH below the $3,208 figure, then they may pull it all the way down to the $2,924 figure.