In February, the trading price of Ether (ETH) was able to get pushed higher than the overhead resistance level of $1,680.
Bulls to Sustain Pressure at $1,680
It was a level that the investors were anxious to hit and cross but the situation did not work out in their favor.
After hitting the particular level, the bulls had to maintain it and ensure that they were able to sustain the strong selling pressure.
It was clear that the bears were going to increase their selling power beyond the particular level and they reportedly did.
As per an analyst from BitTribute.com, it was a test for the bulls as they had to show that the trading price of ETH could sustain the pressure above $1,680.
Unfortunately, February 2 proved to be a sad day for the investors as the trading price of ETH fell below the particular level. The bulls failed the challenge the bears and they ended up giving way to their selling efforts.
Due to the strong selling by the bears, all the gains that the bulls had generated were lost. The price of ETH ended up falling to a low of $1,680.
ETH’s Journey to $2,000
The trend shows that ETH is moving in an upslope. As the trend is moving higher, it is suggesting that the asset is still in bullish territory.
The RSI is also indicating that the asset is far from losing its bullish trend. With the trend continuing, the trading price of the asset may continue to rise.
Despite the recent hiccup, it is the bulls that are in control and they may continue increasing their buying efforts in near future.
The first target for the bulls would be to push the price of ETH over the resistance barrier that has been placed at $1,680.
If the bulls are able to push through the particular level, then the trading price of ETH will manage to push through $1,700.
With the bulls gaining even more confidence, they will dare to increase their buying efforts. This would eventually push the trading price of ETH to $1,800.
As the momentum keeps on building, the trading price of the asset may get pushed to a high of $2,000. Before the asset hits the $2,000 level, the value of the asset will face strong resistance at $1,800.
It will be a very strong barrier where the investors will need to muster up great strength and push the asset beyond the particular level.
ETH’s Pull to $1,352
On the other hand, if the bears take control of the trend, they will drive its price to a lower level. They will make an attempt to pull the trading price of Ethereum to a low of $1,352.