In the past few days, the price of Ethereum (ETH) has experienced a downtrend. The price of ETH has been falling for the past few days. For now, there is no sign of ETH’s price experiencing an uptrend. It was on December 13, 2021, when the price of ETH experienced ended up falling before the $4,058 price, which is the 20-day SMA for ETH.
Even now, the price of ETH hasn’t managed to make it back into the $4k price it was hovering around at the beginning of December. As of now, its price hasn’t managed to rise up from the $4,058 per ETH figure, which is the 20-day EMA for ETH.
As of now, the moment the price of ETH goes in the upward direction, building a rally on a lower level, the bears come into action. They have been selling ETH the moment the price of ETH gains momentum and observes a minor rally.
Even now, the price of ETH is experiencing a downtrend. The data shows that the price of ETH has been downsloping. At the moment, the performance for ETH shows that it is falling below the 20-day EMA.
Since the beginning of December, the RSI for ETH has moved in the downward direction, which is below the 20-day EMA. At present, the $3,643.73 price is the 20-day EMA for ETH and it is also the least resistant point for ETH.
For now, the price of ETH appears to be below the 43 lines on the relative strength index. If the price of ETH falls below the resistance point, its price may go down to $3,400 per ETH price.
If the price of ETH hits the $3,400 per ETH figure, then the bulls may try to show a lot of aggression and push its price over the particular figure. They may make an attempt of pushing ETH’s price over the 20-day EMA.
If the bulls succeed in pushing the price over the 20-day EMA, they may go for the $4,000 per ETH price creating another strong rally. The $4k price would only be achieved if the bulls cross the 20-day EMA, reducing the selling pressure in the process.
On the other, if ETH’s price continues experiencing a downtrend, it would turn out to be bad news for the ETH bulls. ETH’s price falling below the $3,400 would mean that the bears will aggressively sell the digital.
The bears may continue with increasing their pressure and may continue pushing its price further below the $3,400 price. As a result, the bears may push its price below the $3,288 figure, and they may achieve it by increasing their selling power.